29,319 Shares in Ovintiv Inc. $OVV Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. acquired a new position in shares of Ovintiv Inc. (NYSE:OVV) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 29,319 shares of the company’s stock, valued at approximately $1,740,000.

Other large investors also recently added to or reduced their stakes in the company. Steph & Co. acquired a new stake in shares of Ovintiv in the 1st quarter worth $29,000. Root Financial Partners LLC boosted its position in shares of Ovintiv by 43.2% during the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after acquiring an additional 277 shares during the last quarter. Flagship Harbor Advisors LLC acquired a new position in shares of Ovintiv during the 4th quarter valued at about $38,000. Los Angeles Capital Management LLC purchased a new stake in shares of Ovintiv in the fourth quarter valued at about $46,000. Finally, Deseret Mutual Benefit Administrators grew its holdings in shares of Ovintiv by 27.6% in the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after purchasing an additional 287 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Trading Down 0.4%

NYSE OVV opened at $56.08 on Thursday. The company has a debt-to-equity ratio of 0.48, a current ratio of 0.56 and a quick ratio of 0.56. The stock has a market capitalization of $15.76 billion, a P/E ratio of 18.09 and a beta of 0.53. The firm’s 50-day moving average is $56.23 and its two-hundred day moving average is $52.20. Ovintiv Inc. has a 12 month low of $35.47 and a 12 month high of $63.46.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, June 15th were paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend was Monday, June 15th. Ovintiv’s payout ratio is 38.71%.

Wall Street Analysts Forecast Growth

OVV has been the topic of a number of analyst reports. Wall Street Zen downgraded shares of Ovintiv from a “buy” rating to a “hold” rating in a research note on Tuesday, June 30th. UBS Group dropped their price target on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating for the company in a research note on Thursday, April 9th. Mizuho lifted their price target on shares of Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research report on Wednesday, May 27th. Royal Bank Of Canada set a $70.00 price objective on Ovintiv and gave the company an “outperform” rating in a report on Monday, June 22nd. Finally, Truist Financial lowered their price objective on Ovintiv from $70.00 to $66.00 and set a “buy” rating for the company in a research report on Monday. One investment analyst has rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $64.16.

Ovintiv Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.