California State Teachers Retirement System Boosts Holdings in Ovintiv Inc. $OVV

Key Points

• California State Teachers Retirement System increased its Ovintiv stake by 34.7% in the first quarter, bringing its holdings to 327,590 shares valued at approximately $19.4 million. Institutional investors collectively own 83.81% of the company.
• Analyst sentiment remains positive, with Ovintiv receiving a consensus “Moderate Buy” rating and an average price target of $66.89; several firms recently raised their targets to between $75 and $83.
• Ovintiv reported quarterly revenue of $3.01 billion, exceeding expectations, but earnings of $1.74 per share fell short of the $1.94 consensus estimate. The company also declared a quarterly dividend of $0.30 per share, representing a 1.9% yield.

California State Teachers Retirement System increased its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 34.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 327,590 shares of the company's stock after purchasing an additional 84,432 shares during the period. California State Teachers Retirement System owned approximately 0.12% of Ovintiv worth $19,446,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Steph & Co. purchased a new position in Ovintiv in the first quarter worth about $29,000. Root Financial Partners LLC lifted its stake in shares of Ovintiv by 43.2% in 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 in the last quarter. Flagship Harbor Advisors LLC bought a new position in shares of Ovintiv in the fourth quarter worth approximately $38,000. Los Angeles Capital Management LLC purchased a new stake in shares of Ovintiv during the fourth quarter valued at approximately $46,000. Finally, Deseret Mutual Benefit Administrators grew its holdings 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 valued at $52,000 after buying an additional 287 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

OVV has been the subject of a number of recent analyst reports. Mizuho boosted their price objective on shares of Ovintiv from $69.00 to $75.00 and gave the stock an "outperform" rating in a report on Wednesday, May 27th. Barclays increased their target price on Ovintiv from $68.00 to $75.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. Zacks Research lowered Ovintiv from a "strong-buy" rating to a "hold" rating in a report on Monday, June 15th. Wall Street Zen upgraded Ovintiv from a "hold" rating to a "buy" rating in a research note on Saturday, July 25th. Finally, National Bank Financial upped their price target on Ovintiv from $82.00 to $83.00 and gave the company an "outperform" rating in a report on Wednesday, July 8th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $66.89.

Ovintiv Price Performance

NYSE OVV opened at $62.40 on Friday. The business's fifty day moving average is $56.50 and its 200 day moving average is $53.90. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $64.61. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market capitalization of $17.19 billion, a PE ratio of 17.63 and a beta of 0.53.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). Ovintiv had a return on equity of 14.84% and a net margin of 9.43%.The company had revenue of $3.01 billion during the quarter, compared to analysts' expectations of $2.37 billion. Sell-side analysts predict that Ovintiv Inc. will post 6.87 earnings per share for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. Ovintiv's payout ratio is 33.90%.

About Ovintiv

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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