Maryland State Retirement & Pension System Sells 1,267 Shares of Ovintiv Inc. (NYSE:OVV)

Maryland State Retirement & Pension System decreased its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 8.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,058 shares of the company’s stock after selling 1,267 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Ovintiv were worth $569,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of OVV. Hotchkis & Wiley Capital Management LLC grew its position in Ovintiv by 17.2% during 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 in the last quarter. Geode Capital Management LLC boosted its position in Ovintiv by 4.7% in the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after buying an additional 205,409 shares in the last quarter. Bank of New York Mellon Corp grew its position in Ovintiv by 0.3% during the 4th quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company’s stock worth $118,530,000 after acquiring an additional 8,168 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in shares of Ovintiv by 2.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,913,774 shares of the company’s stock worth $77,508,000 after purchasing an additional 45,147 shares during the last quarter. Finally, Pacific Heights Asset Management LLC grew its holdings in Ovintiv by 697.4% during the 4th quarter. Pacific Heights Asset Management LLC now owns 1,515,000 shares of the company’s stock worth $61,358,000 after acquiring an additional 1,325,000 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Price Performance

Shares of OVV opened at $43.05 on Tuesday. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company’s fifty day simple moving average is $42.77 and its 200 day simple moving average is $41.82. Ovintiv Inc. has a 1-year low of $36.62 and a 1-year high of $55.95. The company has a market cap of $11.21 billion, a price-to-earnings ratio of 5.71 and a beta of 2.55.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a dividend of $0.30 per share. The ex-dividend date is Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.79%. Ovintiv’s dividend payout ratio is presently 28.57%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on OVV. Barclays increased their price objective on Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. JPMorgan Chase & Co. lowered their target price on shares of Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. National Bankshares increased their price target on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Williams Trading set a $58.00 price objective on shares of Ovintiv in a report on Wednesday, March 5th. Finally, Mizuho reduced their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $56.79.

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.