VIRGINIA RETIREMENT SYSTEMS ET Al Buys Shares of 65,750 Ovintiv Inc. $OVV

VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Ovintiv Inc. (NYSE:OVV) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 65,750 shares of the company’s stock, valued at approximately $3,462,000.

Several other institutional investors and hedge funds have also modified their holdings of OVV. BlackRock Inc. purchased a new stake in shares of Ovintiv in the 2nd quarter worth $1,422,959,000. California State Teachers Retirement System grew its holdings in Ovintiv by 5,195.6% during the second quarter. California State Teachers Retirement System now owns 17,347,859 shares of the company’s stock valued at $913,365,000 after purchasing an additional 17,020,269 shares during the period. Dimensional Fund Advisors LP increased its position in Ovintiv by 17.8% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after buying an additional 1,669,469 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Ovintiv by 2.1% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after buying an additional 203,256 shares during the period. Finally, Arrowstreet Capital Limited Partnership lifted its position in shares of Ovintiv by 16.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock valued at $467,874,000 after buying an additional 1,137,162 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on OVV. UBS Group increased their target price on shares of Ovintiv from $71.00 to $74.00 and gave the stock a “buy” rating in a report on Tuesday, July 28th. Scotiabank raised shares of Ovintiv from an “outperform” rating to a “buy” rating in a research note on Wednesday, May 20th. Zacks Research downgraded shares of Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Texas Capital raised Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. Finally, Stephens restated a “positive” rating and issued a $69.00 price objective on shares of Ovintiv in a research report on Friday, July 24th. One research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price of $68.20.

Insider Buying and Selling

In other Ovintiv news, EVP Rachel Moore sold 7,753 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the completion of the transaction, the executive vice president owned 72,530 shares in the company, valued at $4,592,599.60. This trade represents a 9.66% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.85% of the company’s stock.

Ovintiv Stock Performance

Shares of NYSE OVV opened at $64.43 on Thursday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $17.75 billion, a P/E ratio of 18.20 and a beta of 0.53. The firm’s fifty day moving average is $61.24 and its two-hundred day moving average is $57.98. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $67.51.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.94 by ($0.20). The company had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. As a group, analysts anticipate that Ovintiv Inc. will post 7.3 EPS for the current fiscal year.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Investors of record on Tuesday, September 15th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. Ovintiv’s dividend payout ratio is presently 33.90%.

About Ovintiv

Ovintiv Inc is an independent North American energy company engaged primarily in the exploration, development, production and acquisition of oil, condensate, natural gas liquids and natural gas. Its portfolio is focused on unconventional, or shale, resource plays, with operations designed to produce a mix of higher-value liquids and natural gas.

The company’s principal assets are located in the United States and Canada. Its U.S. operations include positions in the Permian Basin of west Texas and New Mexico, the Uinta Basin of Utah and the Anadarko Basin of Oklahoma, while its Canadian operations include properties in Alberta’s Montney and Duvernay formations.