State of New Jersey Common Pension Fund D Decreases Position in Ovintiv Inc. $OVV

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Ovintiv Inc. by 15.4%, selling 14,240 shares and bringing its total holdings to 78,484 shares worth approximately $3.36 million.
• Several institutional investors increased their positions in Ovintiv, with Charles Schwab Investment Management growing its stake by 383.8%, now owning over 9 million shares valued at around $396 million.
• Ovintiv recently announced a quarterly dividend of $0.30, translating to an annualized yield of 3.1% and a payout ratio of 53.10%.

State of New Jersey Common Pension Fund D reduced its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 15.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 78,484 shares of the company's stock after selling 14,240 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Ovintiv were worth $3,359,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in OVV. Colonial Trust Co SC acquired a new position in shares of Ovintiv during the fourth quarter worth $28,000. Harbour Investments Inc. boosted its holdings in Ovintiv by 143.8% in the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after purchasing an additional 542 shares during the last quarter. Optiver Holding B.V. acquired a new stake in shares of Ovintiv during the 4th quarter worth approximately $40,000. Quent Capital LLC grew its stake in shares of Ovintiv by 146.5% during the 1st quarter. Quent Capital LLC now owns 1,134 shares of the company's stock worth $49,000 after purchasing an additional 674 shares during the period. Finally, Headlands Technologies LLC acquired a new stake in shares of Ovintiv during the 1st quarter worth approximately $61,000. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Trading Up 0.8%

Shares of OVV stock traded up $0.3140 on Monday, hitting $41.2440. 1,528,729 shares of the stock traded hands, compared to its average volume of 3,542,387. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $47.18. The stock has a market capitalization of $10.60 billion, a PE ratio of 18.24, a PEG ratio of 5.10 and a beta of 1.10. The firm's 50-day moving average price is $40.04 and its two-hundred day moving average price is $38.98. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings results on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. As a group, analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.9%. The ex-dividend date is Monday, September 15th. Ovintiv's payout ratio is 53.10%.

Analyst Ratings Changes

OVV has been the topic of a number of analyst reports. Scotiabank raised their price objective on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research note on Friday, July 11th. Morgan Stanley set a $48.00 price objective on shares of Ovintiv and gave the stock an "equal weight" rating in a research note on Monday, August 18th. UBS Group lifted their price target on shares of Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a research note on Wednesday, August 20th. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Finally, Barclays lifted their price target on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research note on Friday, July 25th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of "Buy" and a consensus price target of $53.07.

About Ovintiv

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.