Louisiana State Employees Retirement System Decreases Stock Position in Ovintiv Inc. (NYSE:OVV)

Louisiana State Employees Retirement System lowered its stake in Ovintiv Inc. (NYSE:OVV) by 1.2% during the 4th quarter, Holdings Channel reports. The institutional investor owned 72,300 shares of the company’s stock after selling 900 shares during the period. Louisiana State Employees Retirement System’s holdings in Ovintiv were worth $2,928,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the stock. Hotchkis & Wiley Capital Management LLC increased its holdings in shares of Ovintiv by 17.2% in the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after buying an additional 1,207,610 shares during the period. Pacer Advisors Inc. grew its stake in shares of Ovintiv by 11,282.4% in the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock worth $250,687,000 after purchasing an additional 6,486,159 shares during the last quarter. Smead Capital Management Inc. grew its stake in shares of Ovintiv by 3.5% in the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after purchasing an additional 212,535 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Ovintiv by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock worth $173,296,000 after purchasing an additional 205,409 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of Ovintiv by 7.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company’s stock worth $71,587,000 after purchasing an additional 133,192 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Stock Performance

Shares of OVV opened at $43.29 on Friday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The business’s 50 day moving average price is $42.20 and its 200-day moving average price is $42.07. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95. The stock has a market cap of $11.27 billion, a P/E ratio of 5.74 and a beta of 2.60.

Analyst Ratings Changes

Several analysts recently issued reports on OVV shares. UBS Group cut their target price on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Barclays raised their target price on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Citigroup cut their target price on Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, November 26th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and cut their price objective for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Finally, Truist Financial lifted their price objective on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research report on Monday, January 13th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Ovintiv currently has an average 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.