Public Employees Retirement Association of Colorado Cuts Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Public Employees Retirement Association of Colorado trimmed its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 11.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 627,704 shares of the company's stock after selling 81,000 shares during the quarter. Public Employees Retirement Association of Colorado owned approximately 0.24% of Ovintiv worth $25,422,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of OVV. Ninepoint Partners LP grew its position in Ovintiv by 16.9% in the fourth quarter. Ninepoint Partners LP now owns 225,000 shares of the company's stock worth $9,112,000 after acquiring an additional 32,500 shares in the last quarter. Franklin Resources Inc. boosted its position in Ovintiv by 16.0% during the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company's stock valued at $11,527,000 after buying an additional 37,341 shares during the period. Westpac Banking Corp boosted its position in Ovintiv by 64.8% during the fourth quarter. Westpac Banking Corp now owns 31,369 shares of the company's stock valued at $1,270,000 after buying an additional 12,340 shares during the period. Retirement Systems of Alabama boosted its position in Ovintiv by 4.4% during the third quarter. Retirement Systems of Alabama now owns 320,759 shares of the company's stock valued at $12,288,000 after buying an additional 13,536 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in Ovintiv by 19.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company's stock valued at $8,768,000 after buying an additional 34,207 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Stock Up 2.4 %

OVV traded up $0.80 during midday trading on Thursday, reaching $34.38. The company's stock had a trading volume of 2,763,790 shares, compared to its average volume of 3,192,082. The firm has a market capitalization of $8.95 billion, a price-to-earnings ratio of 4.56 and a beta of 2.04. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $52.90. The stock's 50-day moving average is $38.00 and its 200-day moving average is $40.91.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.49%. The ex-dividend date was Friday, March 14th. Ovintiv's payout ratio is 28.57%.

Wall Street Analysts Forecast Growth

OVV has been the subject of several analyst reports. JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Morgan Stanley reaffirmed an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a research note on Tuesday, April 15th. Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Barclays lowered their price objective on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Finally, Bank of America raised shares of Ovintiv from a "neutral" rating to a "buy" rating and decreased their price target for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. Two 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's stock. According to MarketBeat.com, Ovintiv has an average rating of "Buy" and an average price target of $55.76.

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.