Teacher Retirement System of Texas Sells 245,882 Shares of Ovintiv Inc. (NYSE:OVV)

Teacher Retirement System of Texas reduced its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 33.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 499,023 shares of the company's stock after selling 245,882 shares during the quarter. Teacher Retirement System of Texas owned about 0.19% of Ovintiv worth $21,358,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Colonial Trust Co SC bought a new stake in Ovintiv during the 4th quarter worth about $28,000. Smartleaf Asset Management LLC raised its holdings in Ovintiv by 71.3% during the 4th 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 last quarter. Mizuho Bank Ltd. bought a new stake in Ovintiv during the 4th quarter worth about $40,000. Optiver Holding B.V. bought a new stake in Ovintiv during the 4th quarter worth about $40,000. Finally, Cullen Frost Bankers Inc. raised its holdings 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 purchasing an additional 1,000 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Up 4.6%

NYSE OVV traded up $1.81 during trading hours on Tuesday, reaching $41.09. 3,079,660 shares of the company's stock were exchanged, compared to its average volume of 3,341,445. Ovintiv Inc. has a one year low of $29.80 and a one year high of $49.57. The company has a debt-to-equity ratio of 0.44, a quick ratio of 0.43 and a current ratio of 0.43. The company's 50-day moving average is $37.96 and its two-hundred day moving average is $39.59. The company has a market capitalization of $10.68 billion, a price-to-earnings ratio of 17.49, a price-to-earnings-growth ratio of 2.21 and a beta of 1.08.

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

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date was Friday, June 13th. Ovintiv's dividend payout ratio (DPR) is currently 51.06%.

Analysts Set New Price Targets

OVV has been the subject of several analyst reports. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and boosted their target price for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. Mizuho decreased their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. JPMorgan Chase & Co. decreased their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. TD Cowen upgraded Ovintiv to a "strong-buy" rating in a research report on Monday. Finally, Citigroup set a $54.00 target price on Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and three have given a strong buy rating to the stock. According to MarketBeat, Ovintiv currently has a consensus rating of "Buy" and a consensus target price of $54.59.

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.