Strs Ohio Buys Shares of 207,000 Ovintiv Inc. $OVV

Key Points

• Strs Ohio acquired 207,000 shares of Ovintiv Inc. valued at approximately $8.86 million, representing 0.08% ownership as of the latest SEC filing.
• Ovintiv recently declared a quarterly dividend of $0.30 per share, yielding 2.9%, with the ex-dividend date set for September 15th.
• Despite a missed earnings estimate of $1.02 EPS against a consensus of $1.04, Ovintiv's stock holds a "Buy" consensus rating with an average price target of $53.07.

Strs Ohio purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 207,000 shares of the company's stock, valued at approximately $8,860,000. Strs Ohio owned 0.08% of Ovintiv as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also modified their holdings of the company. Geneos Wealth Management Inc. boosted its stake in Ovintiv by 47.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company's stock valued at $78,000 after purchasing an additional 589 shares during the period. Intech Investment Management LLC raised its holdings in shares of Ovintiv by 31.6% during the first quarter. Intech Investment Management LLC now owns 51,109 shares of the company's stock valued at $2,187,000 after buying an additional 12,274 shares during the last quarter. Focus Partners Wealth raised its holdings in shares of Ovintiv by 49.3% during the first quarter. Focus Partners Wealth now owns 19,282 shares of the company's stock valued at $825,000 after buying an additional 6,364 shares during the last quarter. Plato Investment Management Ltd boosted its position in shares of Ovintiv by 43,872.7% during the first quarter. Plato Investment Management Ltd now owns 9,674 shares of the company's stock worth $419,000 after buying an additional 9,652 shares during the period. Finally, Bayforest Capital Ltd grew its holdings in Ovintiv by 2,820.1% in the 1st quarter. Bayforest Capital Ltd now owns 16,849 shares of the company's stock worth $721,000 after buying an additional 16,272 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv Trading Down 1.1%

Ovintiv stock opened at $41.91 on Friday. The firm has a 50 day simple moving average of $40.65 and a 200-day simple moving average of $38.81. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The stock has a market capitalization of $10.77 billion, a PE ratio of 18.54, a price-to-earnings-growth ratio of 5.44 and a beta of 1.08. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $47.18.

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

Ovintiv Announces Dividend

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

Analyst Upgrades and Downgrades

Several analysts have weighed in on OVV shares. Morgan Stanley set a $48.00 target price on Ovintiv and gave the company an "equal weight" rating in a research note on Monday, August 18th. Wells Fargo & Company lowered their price target on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, June 16th. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $47.00 to $51.00 in a research note on Tuesday, July 1st. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Finally, UBS Group lifted their price objective 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. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $53.07.

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.

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