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

Louisiana State Employees Retirement System trimmed its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 1.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 72,300 shares of the company’s stock after selling 900 shares during the quarter. Louisiana State Employees Retirement System’s holdings in Ovintiv were worth $2,928,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Nisa Investment Advisors LLC grew its holdings in Ovintiv by 0.4% during the fourth quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock valued at $2,647,000 after purchasing an additional 231 shares during the period. Drive Wealth Management LLC grew its holdings in Ovintiv by 2.5% during the third quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock valued at $395,000 after purchasing an additional 251 shares during the period. CIBC Asset Management Inc grew its holdings in Ovintiv by 3.7% during the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock valued at $304,000 after purchasing an additional 280 shares during the period. Fifth Third Bancorp boosted its holdings in shares of Ovintiv by 13.4% in the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock worth $97,000 after acquiring an additional 282 shares during the period. Finally, OneDigital Investment Advisors LLC boosted its holdings in shares of Ovintiv by 5.2% in the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock worth $231,000 after acquiring an additional 298 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Trading Up 1.3 %

NYSE OVV opened at $43.29 on Friday. The stock’s 50-day simple moving average is $42.20 and its two-hundred day simple moving average is $42.07. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95. 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 company has a market capitalization of $11.27 billion, a price-to-earnings ratio of 5.74 and a beta of 2.60.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Wells Fargo & Company cut their price target on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. Citigroup cut their price target on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Barclays raised their price target on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and cut their price target for the stock from $55.00 to $54.00 in a report on Monday, January 13th. Finally, National Bankshares raised 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. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus target price of $56.88.

Ovintiv Company 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.