California Public Employees Retirement System Increases Holdings in Ovintiv Inc. $OVV

California Public Employees Retirement System lifted its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 35.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 647,287 shares of the company’s stock after purchasing an additional 168,616 shares during the period. California Public Employees Retirement System’s holdings in Ovintiv were worth $38,423,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Integrated Wealth Concepts LLC increased its holdings in Ovintiv by 70.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after buying an additional 3,788 shares during the last quarter. Great Lakes Advisors LLC purchased a new position in Ovintiv in the first quarter valued at about $202,000. Focus Partners Wealth boosted its stake in Ovintiv by 49.3% in the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after acquiring an additional 6,364 shares during the last quarter. Geneos Wealth Management Inc. grew its position in shares of Ovintiv by 47.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after acquiring an additional 589 shares during the period. Finally, EverSource Wealth Advisors LLC grew its position in shares of Ovintiv by 103.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock valued at $126,000 after acquiring an additional 1,675 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research firms recently commented on OVV. Truist Financial lowered their price target on shares of Ovintiv from $70.00 to $66.00 and set a “buy” rating on the stock in a report on Monday, July 13th. Citigroup reduced their price objective on Ovintiv from $70.00 to $66.00 and set a “buy” rating for the company in a report on Friday. Zacks Research downgraded Ovintiv from a “strong-buy” rating to a “hold” rating in a research report on Monday, June 15th. UBS Group lowered their target price on Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a research note on Thursday, April 9th. Finally, Wall Street Zen lowered Ovintiv from a “buy” rating to a “hold” rating in a research note on Tuesday, June 30th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $65.63.

Ovintiv Stock Up 0.1%

OVV opened at $57.84 on Tuesday. The company has a fifty day moving average price of $56.17 and a 200-day moving average price of $52.59. The firm has a market capitalization of $16.26 billion, a P/E ratio of 18.66 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. Ovintiv Inc. has a one year low of $35.47 and a one year high of $63.46.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.1%. The ex-dividend date was Monday, June 15th. Ovintiv’s payout ratio is presently 38.71%.

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.