Retirement Systems of Alabama Increases Position in Ovintiv Inc. (NYSE:OVV)

Retirement Systems of Alabama increased its stake in Ovintiv Inc. (NYSE:OVV) by 4.4% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 320,759 shares of the company’s stock after acquiring an additional 13,536 shares during the period. Retirement Systems of Alabama owned about 0.12% of Ovintiv worth $12,288,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Hotchkis & Wiley Capital Management LLC boosted its position in Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock valued at $314,623,000 after buying an additional 1,207,610 shares during the period. Pacer Advisors Inc. boosted its position in Ovintiv by 11,282.4% during the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after buying an additional 6,486,159 shares during the period. Smead Capital Management Inc. boosted its position in Ovintiv by 3.5% during the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock valued at $241,476,000 after buying an additional 212,535 shares during the period. Geode Capital Management LLC boosted its position in Ovintiv by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after buying an additional 205,409 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Ovintiv by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock valued at $180,194,000 after buying an additional 142,296 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Price Performance

OVV stock opened at $40.51 on Monday. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95. The company has a market cap of $10.55 billion, a P/E ratio of 5.37 and a beta of 2.63. The firm has a 50-day moving average of $42.32 and a 200 day moving average of $43.55. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.96%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s payout ratio is currently 15.92%.

Analysts Set New Price Targets

Several research firms have issued reports on OVV. UBS Group cut their price target 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. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Scotiabank upped their price target on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Evercore ISI dropped their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Finally, Citigroup dropped their target price on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and an average target price of $56.47.

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.