State of New Jersey Common Pension Fund D decreased its position in shares of Ovintiv Inc. (NYSE:OVV – Free Report) by 3.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 144,737 shares of the company’s stock after selling 4,801 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.06% of Ovintiv worth $5,222,000 at the end of the most recent quarter.
Several other large investors have also recently added to or reduced their stakes in OVV. Smead Capital Management Inc. bought a new position in shares of Ovintiv in the fourth quarter worth $201,837,000. Invesco Ltd. increased its position in shares of Ovintiv by 321.3% in the first quarter. Invesco Ltd. now owns 2,396,829 shares of the company’s stock worth $129,597,000 after purchasing an additional 1,827,966 shares during the period. Arrowstreet Capital Limited Partnership increased its position in shares of Ovintiv by 63.2% in the first quarter. Arrowstreet Capital Limited Partnership now owns 3,950,457 shares of the company’s stock worth $213,604,000 after purchasing an additional 1,530,397 shares during the period. Mariner LLC increased its position in shares of Ovintiv by 3,630.2% in the first quarter. Mariner LLC now owns 891,711 shares of the company’s stock worth $48,216,000 after purchasing an additional 867,806 shares during the period. Finally, GW&K Investment Management LLC increased its position in shares of Ovintiv by 833.7% in the fourth quarter. GW&K Investment Management LLC now owns 842,183 shares of the company’s stock worth $42,707,000 after purchasing an additional 751,985 shares during the period. Institutional investors own 76.31% of the company’s stock.
Ovintiv Stock Performance
Shares of OVV stock opened at $38.25 on Friday. The business’s 50 day simple moving average is $36.14 and its 200 day simple moving average is $40.32. Ovintiv Inc. has a one year low of $32.07 and a one year high of $59.10. The stock has a market capitalization of $10.57 billion, a PE ratio of 2.24, a PEG ratio of 0.40 and a beta of 2.78. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.53 and a quick ratio of 0.53.
Ovintiv (NYSE:OVV – Get Free Report) last announced its earnings results on Tuesday, May 9th. The company reported $1.82 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.01). Ovintiv had a net margin of 33.45% and a return on equity of 23.98%. The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.34 billion. As a group, research analysts forecast that Ovintiv Inc. will post 6.69 earnings per share for the current year.
Analyst Ratings Changes
OVV has been the topic of several research analyst reports. National Bankshares reduced their price objective on Ovintiv from $61.00 to $60.00 in a research note on Thursday, June 29th. The Goldman Sachs Group initiated coverage on Ovintiv in a research note on Wednesday. They issued a “neutral” rating on the stock. Citigroup lowered Ovintiv from a “buy” rating to a “neutral” rating and reduced their price objective for the company from $55.00 to $38.00 in a research note on Thursday, March 23rd. Mizuho reduced their price objective on Ovintiv from $66.00 to $62.00 in a research note on Friday, May 19th. Finally, TD Cowen reduced their price objective on Ovintiv from $79.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 5th. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus target price of $56.84.
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. 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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