Illinois Municipal Retirement Fund Raises Position in Ovintiv Inc. (NYSE:OVV)

Illinois Municipal Retirement Fund lifted its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 30.5% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 58,303 shares of the company's stock after purchasing an additional 13,613 shares during the period. Illinois Municipal Retirement Fund's holdings in Ovintiv were worth $2,495,000 as of its most recent filing with the SEC.

A number of other large investors have also added to or reduced their stakes in OVV. Colonial Trust Co SC bought a new stake in Ovintiv in the 4th quarter worth $28,000. Smartleaf Asset Management LLC grew its holdings in Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after acquiring an additional 335 shares during the last quarter. Mizuho Bank Ltd. bought a new stake in Ovintiv in the 4th quarter worth $40,000. Optiver Holding B.V. bought a new stake in Ovintiv in the 4th quarter worth $40,000. Finally, Cullen Frost Bankers Inc. grew its holdings in Ovintiv by 3,571.4% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock worth $42,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors own 83.81% of the company's stock.

Ovintiv Stock Up 3.2%

NYSE OVV traded up $1.21 during trading hours on Tuesday, reaching $39.26. 3,855,538 shares of the company's stock traded hands, compared to its average volume of 3,337,254. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $49.57. The firm has a market cap of $10.20 billion, a PE ratio of 6.49, a PEG ratio of 2.07 and a beta of 1.08. The firm has a 50-day simple moving average of $37.28 and a 200 day simple moving average of $39.54. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.43 and a quick ratio of 0.43.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. The company had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. Sell-side analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.20 annualized dividend and a yield of 3.06%. Ovintiv's dividend payout ratio (DPR) is presently 51.06%.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on OVV shares. Williams Trading set a $58.00 target price on shares of Ovintiv in a research note on Wednesday, March 5th. BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and lifted their target price for the company from $55.00 to $57.00 in a research note on Monday, March 24th. Morgan Stanley reaffirmed an "overweight" rating and set a $50.00 target price on shares of Ovintiv in a research note on Tuesday, April 15th. Wells Fargo & Company cut their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research note on Monday, June 16th. Finally, 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. Two investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $54.47.

Ovintiv 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.