Ovintiv Inc. (NYSE:OVV) Shares Sold by California State Teachers Retirement System

California State Teachers Retirement System lowered its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 5.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 315,960 shares of the company's stock after selling 16,537 shares during the period. California State Teachers Retirement System owned approximately 0.12% of Ovintiv worth $12,796,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the stock. Colonial Trust Co SC purchased a new position in shares of Ovintiv in the 4th quarter valued at $28,000. Smartleaf Asset Management LLC raised its stake in shares of Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after acquiring an additional 335 shares during the period. Mizuho Bank Ltd. purchased a new position in shares of Ovintiv in the 4th quarter valued at $40,000. Optiver Holding B.V. purchased a new position in shares of Ovintiv in the 4th quarter valued at $40,000. Finally, Cullen Frost Bankers Inc. raised its stake in shares of Ovintiv by 3,571.4% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock valued at $42,000 after acquiring an additional 1,000 shares during the period. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Down 1.6%

OVV stock traded down $0.59 during mid-day trading on Wednesday, hitting $37.36. 3,191,810 shares of the company were exchanged, compared to its average volume of 3,347,511. The company has a market capitalization of $9.71 billion, a PE ratio of 4.95 and a beta of 1.14. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $49.57. The firm has a fifty day simple moving average of $35.64 and a 200 day simple moving average of $40.12.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating the consensus estimate of $1.20 by $0.22. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The business had revenue of $2.38 billion during the quarter, compared to analyst estimates of $2.23 billion. On average, research analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.21%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv's dividend payout ratio (DPR) is presently 51.06%.

Analysts Set New Price Targets

A number of brokerages have recently commented on OVV. BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and raised their target price for the company from $55.00 to $57.00 in a research note on Monday, March 24th. Mizuho cut their target price on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research note on Tuesday, May 13th. Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Wells Fargo & Company raised their target price on shares of Ovintiv from $45.00 to $46.00 and gave the company an "equal weight" rating in a research note on Tuesday, April 22nd. Finally, Williams Trading set a $58.00 price target on shares of Ovintiv in a report on Wednesday, March 5th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $55.65.

Ovintiv Company Profile

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.