California State Teachers Retirement System Increases Position in Ovintiv Inc. $OVV

California State Teachers Retirement System increased its position in shares of Ovintiv Inc. (NYSE:OVV) by 34.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 327,590 shares of the company’s stock after purchasing an additional 84,432 shares during the period. California State Teachers Retirement System’s holdings in Ovintiv were worth $19,446,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Steph & Co. bought a new position in Ovintiv in the 1st quarter worth $29,000. Flagship Harbor Advisors LLC purchased a new stake in Ovintiv in the 4th quarter worth $38,000. Los Angeles Capital Management LLC bought a new stake in Ovintiv during the fourth quarter valued at about $46,000. Deseret Mutual Benefit Administrators raised its holdings in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after acquiring an additional 287 shares during the period. Finally, Root Financial Partners LLC lifted its position in shares of Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after acquiring an additional 277 shares in the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Trading Up 1.3%

OVV stock opened at $62.40 on Friday. The firm has a fifty day moving average price of $56.50 and a 200 day moving average price of $53.90. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $64.61. The firm has a market cap of $17.19 billion, a PE ratio of 17.63 and a beta of 0.53. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The business had revenue of $3.01 billion for the quarter, compared to analysts’ expectations of $2.37 billion. Sell-side analysts anticipate that Ovintiv Inc. will post 6.87 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be issued a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.9%. Ovintiv’s payout ratio is 33.90%.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Truist Financial reiterated a “buy” rating and set a $73.00 target price (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. Scotiabank raised Ovintiv from an “outperform” rating to a “buy” rating in a report on Wednesday, May 20th. National Bank Financial upped their price target on Ovintiv from $82.00 to $83.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 8th. Mizuho increased their price objective on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a report on Wednesday, May 27th. Finally, Barclays lifted their price objective on shares of Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.89.

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.