California Public Employees Retirement System reduced its position in shares of Ovintiv Inc. (NYSE:OVV – Get Rating) by 3.6% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 586,296 shares of the company’s stock after selling 22,044 shares during the quarter. California Public Employees Retirement System owned about 0.23% of Ovintiv worth $19,758,000 at the end of the most recent reporting period.
Other large investors also recently added to or reduced their stakes in the company. Point72 Hong Kong Ltd purchased a new stake in Ovintiv during the 3rd quarter valued at $33,000. UMB Bank N A MO purchased a new stake in Ovintiv during the 4th quarter valued at $39,000. O Shaughnessy Asset Management LLC raised its holdings in Ovintiv by 481.6% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 1,297 shares of the company’s stock valued at $43,000 after buying an additional 1,074 shares during the period. Dark Forest Capital Management LP raised its holdings in Ovintiv by 1,099.4% during the 3rd quarter. Dark Forest Capital Management LP now owns 1,955 shares of the company’s stock valued at $64,000 after buying an additional 1,792 shares during the period. Finally, Deseret Mutual Benefit Administrators raised its holdings in Ovintiv by 58.8% during the 4th quarter. Deseret Mutual Benefit Administrators now owns 2,382 shares of the company’s stock valued at $80,000 after buying an additional 882 shares during the period. Institutional investors own 76.96% of the company’s stock.
Shares of OVV stock opened at $45.15 on Friday. Ovintiv Inc. has a 1-year low of $21.92 and a 1-year high of $57.60. The stock’s 50-day moving average is $50.61 and its 200 day moving average is $42.13. The company has a market cap of $11.68 billion, a P/E ratio of 9.96 and a beta of 3.17. The company has a debt-to-equity ratio of 0.94, a current ratio of 0.58 and a quick ratio of 0.58.
Several research firms recently weighed in on OVV. TheStreet upgraded Ovintiv from a “c” rating to a “b-” rating in a report on Tuesday, March 1st. Morgan Stanley increased their target price on Ovintiv from $49.00 to $68.00 and gave the stock an “overweight” rating in a research note on Friday, April 22nd. Mizuho increased their target price on Ovintiv from $54.00 to $78.00 and gave the stock a “buy” rating in a research note on Thursday, March 31st. JPMorgan Chase & Co. lowered Ovintiv from an “overweight” rating to a “neutral” rating and increased their target price for the stock from $50.00 to $53.00 in a research note on Tuesday, January 18th. Finally, CIBC increased their target price on Ovintiv from $50.00 to $55.00 in a research note on Thursday, March 3rd. Four investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $56.62.
In related news, Director Thomas G. Ricks sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 18th. The stock was sold at an average price of $53.73, for a total transaction of $537,300.00. Following the sale, the director now owns 145,500 shares of the company’s stock, valued at $7,817,715. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Howard John Mayson sold 2,200 shares of the firm’s stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $48.09, for a total value of $105,798.00. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.
About Ovintiv (Get Rating)
Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.
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