State of Michigan Retirement System Has $3.19 Million Holdings in Ovintiv Inc. (NYSE:OVV)

State of Michigan Retirement System cut its position in Ovintiv Inc. (NYSE:OVV) by 1.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 78,800 shares of the company’s stock after selling 900 shares during the quarter. State of Michigan Retirement System’s holdings in Ovintiv were worth $3,191,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Nisa Investment Advisors LLC lifted its stake in Ovintiv by 0.4% in the fourth quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock valued at $2,647,000 after acquiring an additional 231 shares during the last quarter. Drive Wealth Management LLC raised its holdings in shares of Ovintiv by 2.5% in the 3rd quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock valued at $395,000 after purchasing an additional 251 shares during the period. CIBC Asset Management Inc lifted its stake in Ovintiv by 3.7% in the 3rd quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock valued at $304,000 after purchasing an additional 280 shares during the last quarter. Fifth Third Bancorp grew its holdings in Ovintiv by 13.4% during the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock worth $97,000 after purchasing an additional 282 shares during the period. Finally, OneDigital Investment Advisors LLC increased its position in Ovintiv by 5.2% during the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock worth $231,000 after buying an additional 298 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of recent analyst reports. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and cut their price objective for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Citigroup cut their price target on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. UBS Group cut their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Scotiabank upped their target price on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Finally, Barclays lifted their price target on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.88.

Ovintiv Trading Up 1.5 %

Shares of Ovintiv stock opened at $38.55 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 12-month low of $36.62 and a 12-month high of $55.95. The company has a market capitalization of $10.03 billion, a price-to-earnings ratio of 5.11 and a beta of 2.55. The firm’s 50-day moving average price is $43.04 and its two-hundred day moving average price is $41.98.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.11%. Ovintiv’s dividend payout ratio is 28.57%.

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.