Ovintiv Inc. (NYSE:OVV) Shares Bought by Illinois Municipal Retirement Fund

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

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Colonial Trust Co SC purchased a new stake in shares of Ovintiv in the 4th quarter valued at $28,000. Smartleaf Asset Management LLC increased its stake in Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after purchasing an additional 335 shares during the period. Optiver Holding B.V. acquired a new stake in shares of Ovintiv during the fourth quarter worth about $40,000. Mizuho Bank Ltd. purchased a new position in shares of Ovintiv in the fourth quarter valued at approximately $40,000. Finally, Cullen Frost Bankers Inc. increased its stake in Ovintiv by 3,571.4% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock worth $42,000 after buying an additional 1,000 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

OVV has been the subject of several recent research reports. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $47.00 to $51.00 in a research note on Tuesday. Citigroup set a $54.00 target price on Ovintiv and gave the stock a "buy" rating in a research note on Wednesday. JPMorgan Chase & Co. reduced their price target on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and boosted their price objective for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. Finally, Williams Trading set a $58.00 target price on shares of Ovintiv in a research note on Wednesday, March 5th. Two equities 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus price target of $54.47.

Ovintiv Stock Down 0.0%

NYSE:OVV traded down $0.02 during midday trading on Thursday, hitting $40.04. 1,910,731 shares of the company were exchanged, compared to its average volume of 3,334,727. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $49.57. The company has a market capitalization of $10.40 billion, a PE ratio of 17.04, a price-to-earnings-growth ratio of 2.14 and a beta of 1.08. The company has a fifty day simple moving average of $37.52 and a 200 day simple moving average of $39.54.

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

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.00%. The ex-dividend date was Friday, June 13th. Ovintiv's payout ratio is currently 51.06%.

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.