Texas Permanent School Fund Corp Acquires 53,993 Shares of Ovintiv Inc. $OVV

Texas Permanent School Fund Corp increased its stake in Ovintiv Inc. (NYSE:OVV) by 31.1% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 227,500 shares of the company’s stock after purchasing an additional 53,993 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Ovintiv were worth $8,656,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of OVV. Burney Co. lifted its position in shares of Ovintiv by 690.5% during the 2nd quarter. Burney Co. now owns 67,091 shares of the company’s stock valued at $2,553,000 after buying an additional 58,604 shares in the last quarter. BNP Paribas Financial Markets raised its stake in Ovintiv by 54.3% during the 1st quarter. BNP Paribas Financial Markets now owns 962,871 shares of the company’s stock worth $41,211,000 after acquiring an additional 338,866 shares during the period. Raymond James Financial Inc. lifted its holdings in Ovintiv by 204.2% during the first quarter. Raymond James Financial Inc. now owns 583,839 shares of the company’s stock valued at $24,988,000 after purchasing an additional 391,923 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its position in shares of Ovintiv by 11.0% in the second quarter. Mirae Asset Global Investments Co. Ltd. now owns 241,568 shares of the company’s stock worth $9,192,000 after purchasing an additional 23,968 shares during the period. Finally, Lifestyle Asset Management Inc. increased its stake in shares of Ovintiv by 46.8% in the second quarter. Lifestyle Asset Management Inc. now owns 28,170 shares of the company’s stock worth $1,072,000 after purchasing an additional 8,987 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the sale, the chief operating officer owned 105,867 shares in the company, valued at approximately $4,269,616.11. The trade was a 32.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 1.70% of the company’s stock.

Ovintiv Trading Down 2.8%

Shares of Ovintiv stock opened at $39.20 on Tuesday. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $46.35. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The business has a 50-day moving average price of $38.82 and a 200-day moving average price of $39.83. The firm has a market cap of $9.93 billion, a price-to-earnings ratio of 43.07, a PEG ratio of 0.99 and a beta of 0.77.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, topping analysts’ consensus estimates of $0.97 by $0.06. The company had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $1.86 billion. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%. Equities research analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, December 31st. Stockholders of record on Monday, December 15th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.1%. The ex-dividend date is Monday, December 15th. Ovintiv’s dividend payout ratio is currently 131.87%.

Wall Street Analysts Forecast Growth

OVV has been the topic of a number of analyst reports. National Bankshares lowered their target price on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 22nd. Weiss Ratings restated a “hold (c-)” rating on shares of Ovintiv in a research report on Monday, December 8th. Citigroup dropped their price objective on Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, November 18th. Evercore ISI reissued an “outperform” rating and set a $47.00 target price on shares of Ovintiv in a research note on Thursday, November 6th. Finally, JPMorgan Chase & Co. lowered their price target on Ovintiv from $50.00 to $47.00 and set an “overweight” rating on the stock in a report on Friday, October 3rd. One analyst has rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.89.

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.