Retirement Systems of Alabama Sells 4,227 Shares of Ovintiv Inc. (NYSE:OVV)

Retirement Systems of Alabama reduced its stake in shares of Ovintiv Inc. (NYSE:OVV) by 1.3% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 316,532 shares of the company’s stock after selling 4,227 shares during the period. Retirement Systems of Alabama’s holdings in Ovintiv were worth $12,820,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently modified their holdings of OVV. True Wealth Design LLC grew its holdings in Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after buying an additional 636 shares in the last quarter. MassMutual Private Wealth & Trust FSB boosted its holdings in Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after acquiring an additional 360 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after acquiring an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. purchased a new stake in shares of Ovintiv in the third quarter valued at about $65,000. Finally, Covestor Ltd lifted its position in shares of Ovintiv by 43.9% during the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after purchasing an additional 560 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Trading Up 0.4 %

Shares of Ovintiv stock opened at $42.53 on Friday. The company’s 50-day moving average price is $42.23 and its 200-day moving average price is $42.17. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 12-month low of $36.90 and a 12-month high of $55.95. The company has a market cap of $11.07 billion, a price-to-earnings ratio of 5.64 and a beta of 2.60.

Ovintiv (NYSE:OVV) last posted its earnings results on Thursday, November 7th. The company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.76. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The business had revenue of $2.32 billion for the quarter, compared to analysts’ expectations of $2.32 billion. During the same period in the prior year, the company posted $1.74 EPS. On average, equities analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research firms have commented on OVV. Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $55.00 to $54.00 in a research note on Monday, January 13th. UBS Group decreased their price target on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Wells Fargo & Company reduced their price objective on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 17th. Truist Financial lifted their target price on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Finally, Citigroup reduced their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research report on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $56.88.

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.