South Dakota Investment Council Has $2.80 Million Position in Ovintiv Inc. $OVV

South Dakota Investment Council grew its stake in shares of Ovintiv Inc. (NYSE:OVV) by 357.3% during the 1st quarter, HoldingsChannel reports. The fund owned 47,100 shares of the company’s stock after acquiring an additional 36,800 shares during the period. South Dakota Investment Council’s holdings in Ovintiv were worth $2,796,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Dimensional Fund Advisors LP boosted its position in Ovintiv by 17.8% during the fourth quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock valued at $433,418,000 after purchasing an additional 1,669,469 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Ovintiv by 2.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company’s stock worth $387,601,000 after purchasing an additional 203,256 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its position in Ovintiv by 16.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock worth $467,874,000 after purchasing an additional 1,137,162 shares during the last quarter. Millennium Management LLC raised its stake in shares of Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company’s stock worth $223,101,000 after purchasing an additional 3,060,691 shares in the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in shares of Ovintiv by 13.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company’s stock worth $214,060,000 after purchasing an additional 650,000 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Performance

OVV opened at $61.65 on Friday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The company has a market cap of $16.99 billion, a PE ratio of 17.42 and a beta of 0.53. The stock has a 50-day moving average of $56.43 and a 200-day moving average of $53.84. Ovintiv Inc. has a 52-week low of $35.47 and a 52-week high of $64.61.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The company had revenue of $3.01 billion during the quarter, compared to the consensus estimate of $2.37 billion. As a group, equities research analysts forecast that Ovintiv Inc. will post 6.87 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.9%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s dividend payout ratio (DPR) is 33.90%.

Analysts Set New Price Targets

OVV has been the subject of several recent research reports. Wells Fargo & Company raised Ovintiv from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $57.00 to $80.00 in a research note on Monday, June 22nd. National Bank Financial raised their price objective on shares of Ovintiv from $82.00 to $83.00 and gave the company an “outperform” rating in a research report on Wednesday, July 8th. Truist Financial reiterated a “buy” rating and issued a $73.00 target price (up from $66.00) on shares of Ovintiv in a research note on Monday. Royal Bank Of Canada boosted their target price on shares of Ovintiv from $70.00 to $85.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, Morgan Stanley dropped their price target on shares of Ovintiv from $68.00 to $65.00 and set an “equal weight” rating on the stock in a research note on Monday, June 29th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $66.89.

Ovintiv Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.