Alaska Permanent Fund Corp Reduces Stock Position in Ovintiv Inc. (NYSE:OVV)

Alaska Permanent Fund Corp trimmed its stake in shares of Ovintiv Inc. (NYSE:OVV) by 3.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 59,627 shares of the company’s stock after selling 1,898 shares during the period. Alaska Permanent Fund Corp’s holdings in Ovintiv were worth $3,095,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. GAMMA Investing LLC grew its position in Ovintiv by 7.5% in the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock worth $165,000 after purchasing an additional 220 shares during the period. LPL Financial LLC grew its holdings in shares of Ovintiv by 0.3% in the third quarter. LPL Financial LLC now owns 89,668 shares of the company’s stock worth $4,265,000 after acquiring an additional 261 shares during the period. Blue Trust Inc. lifted its holdings in Ovintiv by 20.5% in the fourth quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock valued at $80,000 after acquiring an additional 284 shares during the period. Fifth Third Bancorp boosted its position in Ovintiv by 20.3% in the fourth quarter. Fifth Third Bancorp now owns 1,945 shares of the company’s stock worth $85,000 after purchasing an additional 328 shares during the last quarter. Finally, Loomis Sayles & Co. L P grew its stake in shares of Ovintiv by 107.6% during the 3rd quarter. Loomis Sayles & Co. L P now owns 658 shares of the company’s stock valued at $31,000 after purchasing an additional 341 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $46.60 on Friday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.53. Ovintiv Inc. has a 12 month low of $34.50 and a 12 month high of $55.95. The stock has a 50 day moving average of $49.93 and a 200 day moving average of $47.29. The firm has a market cap of $12.44 billion, a PE ratio of 6.51 and a beta of 2.58.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. The firm had revenue of $2.35 billion during the quarter, compared to the consensus estimate of $2.58 billion. On average, research analysts expect that Ovintiv Inc. will post 6.11 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.58%. The ex-dividend date is Friday, June 14th. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on OVV shares. Mizuho raised their price objective on shares of Ovintiv from $58.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, May 13th. Jefferies Financial Group lifted their price target on shares of Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a research note on Friday, April 12th. Barclays began coverage on Ovintiv in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 price objective for the company. Citigroup lifted their target price on Ovintiv from $52.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Finally, UBS Group upped their price target on Ovintiv from $69.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.65.

Insider Activity at Ovintiv

In other news, Director Steven W. Nance sold 12,000 shares of the firm’s stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $50.00, for a total value of $600,000.00. Following the completion of the sale, the director now owns 8,929 shares in the company, valued at approximately $446,450. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Steven W. Nance sold 12,000 shares of the stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the sale, the director now directly owns 8,929 shares in the company, valued at $446,450. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Howard John Mayson sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the sale, the director now directly owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The disclosure for this sale can be found here. 1.70% of the stock is currently owned by insiders.

Ovintiv Profile

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.