207,000 Shares in Ovintiv Inc. $OVV Acquired by Strs Ohio

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 position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 207,000 shares of the company's stock, valued at approximately $8,860,000. Strs Ohio owned approximately 0.08% of Ovintiv at the end of the most recent reporting period.

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Mizuho reduced their target price on Ovintiv from $58.00 to $50.00 and set an "outperform" rating on the stock in a report on Monday. UBS Group raised their target price on Ovintiv from $51.00 to $52.00 and gave the company a "buy" rating in a report on Wednesday, August 20th. Barclays raised their target price on Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a report on Friday, July 25th. Citigroup set a $54.00 target price on Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and raised their target price for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $52.53.

Ovintiv Price Performance

Shares of NYSE OVV traded up $0.04 during mid-day trading on Thursday, hitting $42.00. 2,569,017 shares of the stock traded hands, compared to its average volume of 2,802,380. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $47.18. The company has a market cap of $10.80 billion, a PE ratio of 18.58, a price-to-earnings-growth ratio of 5.39 and a beta of 1.08. The firm has a 50 day simple moving average of $40.75 and a two-hundred day simple moving average of $38.82.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share 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 firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. As a group, equities research analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company 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 dividend of $0.30 per share. The ex-dividend date of this dividend is Monday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.9%. Ovintiv's dividend payout ratio (DPR) is 53.10%.

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.