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

Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 19.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. 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. owned approximately 0.08% of Ovintiv worth $8,768,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in OVV. True Wealth Design LLC raised its stake in Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company's stock valued at $25,000 after buying an additional 636 shares during the last quarter. MassMutual Private Wealth & Trust FSB increased its holdings in shares of Ovintiv by 100.8% during the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock valued at $29,000 after acquiring an additional 360 shares in the last quarter. Smartleaf Asset Management LLC raised its position in shares of Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock valued at $32,000 after purchasing an additional 335 shares during the last quarter. Cullen Frost Bankers Inc. boosted its stake in Ovintiv by 3,571.4% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock worth $42,000 after purchasing an additional 1,000 shares in the last quarter. Finally, EverSource Wealth Advisors LLC grew its position in Ovintiv by 451.9% during the 4th quarter. EverSource Wealth Advisors LLC now owns 1,148 shares of the company's stock worth $46,000 after purchasing an additional 940 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

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Ovintiv Stock Performance

OVV traded down $6.16 on Friday, reaching $32.89. The stock had a trading volume of 8,051,281 shares, compared to its average volume of 3,094,340. The business's 50-day moving average price is $42.11 and its two-hundred day moving average price is $41.96. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 12-month low of $32.63 and a 12-month high of $55.95. The company has a market cap of $8.57 billion, a P/E ratio of 4.36 and a beta of 2.04.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Friday, March 14th were issued a $0.30 dividend. The ex-dividend date of this dividend was Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 3.65%. Ovintiv's payout ratio is 28.57%.

Analysts Set New Price Targets

OVV has been the subject of a number of research analyst reports. Barclays raised their price target on shares of Ovintiv from $57.00 to $59.00 and gave the stock an "overweight" rating in a report on Thursday, January 30th. JPMorgan Chase & Co. reduced their target price on Ovintiv from $56.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Mizuho dropped their price target on Ovintiv from $63.00 to $60.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. National Bankshares raised their price objective on Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Finally, BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and lifted their target price for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Two research analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Ovintiv presently has a consensus rating of "Buy" and an average target price of $57.17.

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.