California State Teachers Retirement System Purchases 1,904 Shares of Ovintiv Inc. $OVV

Key Points

• California State Teachers Retirement System increased its Ovintiv stake by 1,904 shares, bringing its holdings to 329,494 shares worth approximately $17.3 million. Institutional investors collectively own 83.81% of the company.
• Ovintiv shares rose 2.5% to $67.01, near the company’s 52-week high. The company reported quarterly revenue of $3.01 billion but missed earnings expectations, posting $1.74 per share versus the $1.94 consensus estimate.
• Ovintiv declared a quarterly dividend of $0.30, equivalent to a 1.8% annual yield. Analysts remain broadly positive, with a consensus “Moderate Buy” rating and an average price target of $68.75.

California State Teachers Retirement System grew its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 0.6% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 329,494 shares of the company's stock after purchasing an additional 1,904 shares during the period. California State Teachers Retirement System owned approximately 0.12% of Ovintiv worth $17,347,859 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Man Group plc purchased a new stake in shares of Ovintiv in the 2nd quarter valued at about $936,000. Hillsdale Investment Management Inc. boosted its stake in Ovintiv by 317.3% during the fourth quarter. Hillsdale Investment Management Inc. now owns 187,800 shares of the company's stock valued at $7,373,000 after buying an additional 142,800 shares in the last quarter. Intech Investment Management LLC acquired a new position in Ovintiv in the 4th quarter valued at approximately $5,045,000. Pacific Heights Asset Management LLC grew its holdings in Ovintiv by 23.7% in the 4th quarter. Pacific Heights Asset Management LLC now owns 600,000 shares of the company's stock valued at $23,514,000 after buying an additional 115,000 shares during the last quarter. Finally, PensionDanmark Pensionsforsikringsaktieselskab acquired a new stake in shares of Ovintiv during the 2nd quarter worth about $4,738,000. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Stock Up 2.5%

Shares of Ovintiv stock traded up $1.65 during midday trading on Tuesday, reaching $67.01. 1,417,636 shares of the company's stock traded hands, compared to its average volume of 4,031,993. The company's 50 day simple moving average is $61.92 and its 200 day simple moving average is $58.28. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. Ovintiv Inc. has a 52 week low of $35.47 and a 52 week high of $67.51. The company has a market cap of $18.46 billion, a price-to-earnings ratio of 18.95 and a beta of 0.53.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts' consensus estimates of $1.94 by ($0.20). The firm had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a return on equity of 14.84% and a net margin of 9.43%. Equities analysts expect that Ovintiv Inc. will post 7.3 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.30 dividend. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.8%. Ovintiv's dividend payout ratio is currently 33.90%.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on OVV shares. Royal Bank Of Canada lifted their price objective on shares of Ovintiv from $70.00 to $85.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. Seaport Research Partners initiated coverage on Ovintiv in a research note on Thursday, September 3rd. They set a "neutral" rating for the company. Truist Financial restated a "buy" rating and set a $73.00 price target (up from $66.00) on shares of Ovintiv in a research note on Monday, July 27th. Stifel Nicolaus set a $92.00 price objective on Ovintiv and gave the company a "buy" rating in a report on Wednesday, September 9th. Finally, Weiss Ratings raised Ovintiv from a "hold (c)" rating to a "buy (b-)" rating in a research report on Tuesday, July 28th. One equities research analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $68.75.

Insider Buying and Selling at Ovintiv

In other news, EVP Rachel Moore sold 7,753 shares of the company's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total value of $490,919.96. Following the completion of the transaction, the executive vice president owned 72,530 shares of the company's stock, valued at $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.85% of the stock is owned by insiders.

Ovintiv Company Profile

Ovintiv Inc is an independent North American energy company engaged primarily in the exploration, development, production and acquisition of oil, condensate, natural gas liquids and natural gas. Its portfolio is focused on unconventional, or shale, resource plays, with operations designed to produce a mix of higher-value liquids and natural gas.

The company's principal assets are located in the United States and Canada. Its U.S. operations include positions in the Permian Basin of west Texas and New Mexico, the Uinta Basin of Utah and the Anadarko Basin of Oklahoma, while its Canadian operations include properties in Alberta's Montney and Duvernay formations.

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