New York State Teachers Retirement System Trims Position in Ovintiv Inc. $OVV

New York State Teachers Retirement System lessened its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 13.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 196,094 shares of the company’s stock after selling 29,645 shares during the quarter. New York State Teachers Retirement System owned approximately 0.07% of Ovintiv worth $11,640,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its position in Ovintiv by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after purchasing an additional 1,669,469 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Ovintiv by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after purchasing an additional 203,256 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Ovintiv by 14.5% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 6,743,543 shares of the company’s stock worth $264,281,000 after purchasing an additional 855,043 shares during the period. Millennium Management LLC lifted its position in shares of Ovintiv by 116.3% in the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares during the period. Finally, Adage Capital Partners GP L.L.C. lifted its position in shares of Ovintiv by 13.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock worth $214,060,000 after purchasing an additional 650,000 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Down 0.1%

Shares of Ovintiv stock opened at $52.93 on Monday. The company has a 50-day simple moving average of $56.81 and a two-hundred day simple moving average of $51.20. The stock has a market capitalization of $14.87 billion, a PE ratio of 17.07 and a beta of 0.53. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $63.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date was Monday, June 15th. Ovintiv’s payout ratio is presently 38.71%.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on OVV. Mizuho boosted their price target on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Zacks Research lowered 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 research report on Thursday, June 25th. Bank of America upped their target price on Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Finally, National Bank Financial increased their target price on Ovintiv from $80.00 to $82.00 and gave the stock an “outperform” rating in a research report on Tuesday, May 12th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $64.32.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.