Mitsubishi UFJ Trust & Banking Corp Has $15.23 Million Stock Position in Ovintiv Inc. (NYSE:OVV)

Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Ovintiv Inc. (NYSE:OVV) by 15.2% in the 4th quarter, HoldingsChannel.com reports. The firm owned 375,541 shares of the company’s stock after purchasing an additional 49,648 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Ovintiv were worth $15,229,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in OVV. Charles Schwab Investment Management Inc. increased its position in Ovintiv by 7.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company’s stock worth $71,587,000 after buying an additional 133,192 shares during the period. Cerity Partners LLC increased its position in Ovintiv by 41.3% during the third quarter. Cerity Partners LLC now owns 69,869 shares of the company’s stock worth $2,677,000 after acquiring an additional 20,412 shares during the period. Daiwa Securities Group Inc. increased its position in Ovintiv by 9.2% during the third quarter. Daiwa Securities Group Inc. now owns 20,200 shares of the company’s stock worth $774,000 after acquiring an additional 1,700 shares during the period. Bank of Montreal Can boosted its holdings in Ovintiv by 57.8% in the 3rd quarter. Bank of Montreal Can now owns 328,361 shares of the company’s stock valued at $12,599,000 after purchasing an additional 120,235 shares during the period. Finally, The Manufacturers Life Insurance Company boosted its holdings in Ovintiv by 1.3% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 233,428 shares of the company’s stock valued at $8,943,000 after purchasing an additional 2,889 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $42.24 on Friday. The business has a 50-day simple moving average of $42.59 and a 200 day simple moving average of $41.88. The firm has a market capitalization of $11.00 billion, a price-to-earnings ratio of 5.60 and a beta of 2.55. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv Inc. has a one year low of $36.62 and a one year high of $55.95.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.84%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s payout ratio is 28.57%.

Analyst Ratings Changes

A number of research firms have recently weighed in on OVV. Mizuho dropped their price target on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and dropped their price objective for the company from $55.00 to $54.00 in a report on Monday, January 13th. Truist Financial increased their target price on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 13th. UBS Group decreased 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. Finally, Barclays upped their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Two research 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, Ovintiv presently has an average rating of “Buy” and an average price target 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.