Mitsubishi UFJ Asset Management Co. Ltd. Grows Stock Position in Ovintiv Inc. (NYSE:OVV)

Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 19.5% in the 4th quarter, HoldingsChannel.com reports. The fund owned 209,820 shares of the company’s stock after purchasing an additional 34,207 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Ovintiv were worth $8,768,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Nisa Investment Advisors LLC increased its stake in shares of Ovintiv by 0.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock worth $2,647,000 after purchasing an additional 231 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. grew its holdings in Ovintiv by 2.8% during the 4th quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock valued at $412,000 after buying an additional 276 shares during the last quarter. Fifth Third Bancorp increased its position in Ovintiv by 13.4% during the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock worth $97,000 after buying an additional 282 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in shares of Ovintiv by 1.5% in the fourth quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company’s stock worth $830,000 after acquiring an additional 300 shares during the last quarter. Finally, Stifel Financial Corp lifted its position in shares of Ovintiv by 1.6% in the third quarter. Stifel Financial Corp now owns 20,385 shares of the company’s stock valued at $781,000 after acquiring an additional 322 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Trading Up 1.7 %

Shares of OVV stock opened at $42.94 on Tuesday. Ovintiv Inc. has a fifty-two week low of $36.62 and a fifty-two week high of $55.95. The firm’s 50 day moving average price is $42.53 and its two-hundred day moving average price is $41.96. The stock has a market cap of $11.18 billion, a price-to-earnings ratio of 5.69 and a beta of 2.55. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were given a dividend of $0.30 per share. The ex-dividend date was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.79%. Ovintiv’s dividend payout ratio (DPR) is 28.57%.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on OVV shares. Mizuho dropped their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. BMO Capital Markets raised shares of Ovintiv from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. Barclays boosted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research report on Thursday, January 30th. Wells Fargo & Company raised their target price on shares of Ovintiv from $44.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 20th. Finally, UBS Group cut their price target on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a report on Monday, December 9th. Two investment analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Ovintiv currently has an average rating of “Buy” and a consensus target price of $57.17.

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.