Retirement Systems of Alabama Has $12.29 Million Position in Ovintiv Inc. (NYSE:OVV)

Retirement Systems of Alabama lifted its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 4.4% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 320,759 shares of the company's stock after buying an additional 13,536 shares during the quarter. Retirement Systems of Alabama owned about 0.12% of Ovintiv worth $12,288,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. True Wealth Design LLC lifted its stake in shares of Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company's stock valued at $25,000 after acquiring an additional 636 shares during the period. Innealta Capital LLC acquired a new position in Ovintiv during the 2nd quarter valued at about $39,000. UMB Bank n.a. boosted its stake in shares of Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock valued at $50,000 after purchasing an additional 286 shares during the last quarter. Transamerica Financial Advisors Inc. acquired a new stake in shares of Ovintiv during the 3rd quarter worth approximately $65,000. Finally, International Assets Investment Management LLC bought a new stake in shares of Ovintiv during the second quarter worth approximately $69,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the stock. Morgan Stanley reduced their price objective on shares of Ovintiv from $53.00 to $51.00 and set an "equal weight" rating on the stock in a research note on Monday, September 16th. UBS Group reduced their price target on Ovintiv from $59.00 to $56.00 and set a "buy" rating on the stock in a research report on Monday, December 9th. Wells Fargo & Company dropped their price objective on Ovintiv from $51.00 to $42.00 and set an "equal weight" rating for the company in a report on Tuesday, October 1st. Mizuho reduced their target price on Ovintiv from $63.00 to $60.00 and set an "outperform" rating on the stock in a report on Monday. Finally, JPMorgan Chase & Co. decreased their target price on Ovintiv from $60.00 to $51.00 and set an "overweight" rating for the company in a research report on Thursday, September 12th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $56.59.

Ovintiv Stock Down 1.9 %

NYSE OVV traded down $0.75 during trading on Monday, hitting $39.76. The stock had a trading volume of 3,261,691 shares, compared to its average volume of 3,070,333. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month high of $55.95. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The company's 50-day moving average price is $42.32 and its two-hundred day moving average price is $43.55. The company has a market capitalization of $10.35 billion, a PE ratio of 5.37 and a beta of 2.63.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 3.02%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv's payout ratio is 15.92%.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.