California Public Employees Retirement System Has $38.42 Million Stock Holdings in Ovintiv Inc. $OVV

Key Points

• CalPERS increased its Ovintiv stake by 35.2% in the first quarter, buying 168,616 additional shares and bringing its total holding to 647,287 shares valued at about $38.4 million.
• Institutional ownership remains high, with hedge funds and other institutions owning 83.81% of Ovintiv’s stock overall.
• Ovintiv’s stock and shareholder returns look solid, with shares recently trading around $57.84, a quarterly dividend of $0.30 per share, and a 2.1% annualized yield.

California Public Employees Retirement System increased its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 35.2% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 647,287 shares of the company's stock after buying an additional 168,616 shares during the quarter. California Public Employees Retirement System owned about 0.23% of Ovintiv worth $38,423,000 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. Steph & Co. acquired a new position in shares of Ovintiv during the first quarter worth approximately $29,000. Root Financial Partners LLC raised its holdings in Ovintiv by 43.2% during the first quarter. Root Financial Partners LLC now owns 918 shares of the company's stock worth $54,000 after buying an additional 277 shares during the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Ovintiv in the fourth quarter valued at $38,000. Los Angeles Capital Management LLC acquired a new position in shares of Ovintiv during the fourth quarter valued at about $46,000. Finally, Deseret Mutual Benefit Administrators increased its position in shares of Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company's stock worth $52,000 after acquiring an additional 287 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Ovintiv Trading Up 0.1%

Shares of OVV stock opened at $57.84 on Tuesday. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $63.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. The company has a 50-day simple moving average of $56.17 and a two-hundred day simple moving average of $52.59. The company has a market capitalization of $16.26 billion, a price-to-earnings ratio of 18.66 and a beta of 0.53.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date was Monday, June 15th. Ovintiv's payout ratio is presently 38.71%.

Analyst Ratings Changes

Several equities analysts recently weighed in on OVV shares. Citigroup dropped their price target on shares of Ovintiv from $70.00 to $66.00 and set a "buy" rating on the stock in a research report on Friday. Morgan Stanley dropped their target price on Ovintiv from $68.00 to $65.00 and set an "equal weight" rating on the stock in a report on Monday, June 29th. Truist Financial cut their target price on Ovintiv from $70.00 to $66.00 and set a "buy" rating on the stock in a research report on Monday, July 13th. Roth Capital upped their price target on Ovintiv from $50.00 to $55.00 and gave the stock a "neutral" rating in a report on Wednesday, June 24th. Finally, Zacks Research lowered Ovintiv from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 15th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $65.63.

Ovintiv Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv's upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company's core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.

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