Sumitomo Mitsui Trust Group Inc. Trims Stake in Ovintiv Inc. (NYSE:OVV)

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 3.2% during the fourth quarter, according to its most recent filing with the SEC. The firm owned 488,816 shares of the company's stock after selling 15,946 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.19% of Ovintiv worth $19,797,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. True Wealth Design LLC grew its holdings in shares of Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company's stock worth $25,000 after acquiring an additional 636 shares during the period. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after acquiring an additional 360 shares during the period. Transamerica Financial Advisors Inc. purchased a new position in shares of Ovintiv during the 3rd quarter worth approximately $65,000. Covestor Ltd grew its holdings in shares of Ovintiv by 43.9% during the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company's stock worth $70,000 after acquiring an additional 560 shares during the period. Finally, Fifth Third Bancorp grew its holdings in shares of Ovintiv by 13.4% during the 4th 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. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

OVV has been the topic of a number of analyst reports. Truist Financial boosted their price target on Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Scotiabank boosted their price target on Ovintiv from $50.00 to $53.00 and gave the stock a "sector outperform" rating in a research report on Monday, November 18th. National Bankshares boosted their price target on Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Citigroup dropped their price target on Ovintiv from $55.00 to $54.00 and set a "buy" rating on the stock in a research report on Tuesday, November 26th. Finally, UBS Group dropped their price target on Ovintiv from $59.00 to $56.00 and set a "buy" rating on the stock in a research report on Monday, December 9th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $56.88.

Ovintiv Stock Performance

OVV traded up $0.88 during mid-day trading on Friday, reaching $44.15. 1,909,320 shares of the company traded hands, compared to its average volume of 2,547,620. The stock has a market capitalization of $11.49 billion, a P/E ratio of 5.86 and a beta of 2.60. 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's fifty day moving average price is $42.27 and its 200-day moving average price is $42.02. Ovintiv Inc. has a 52-week low of $36.90 and a 52-week high of $55.95.

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.