Ovintiv Inc. (NYSE:OVV) Shares Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Ovintiv Inc. (NYSE:OVV) by 1.1% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 212,113 shares of the company’s stock after acquiring an additional 2,293 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd.’s holdings in Ovintiv were worth $9,078,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Colonial Trust Co SC purchased a new stake in Ovintiv in the 4th quarter worth approximately $28,000. Harbour Investments Inc. boosted its holdings in shares of Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company’s stock worth $39,000 after purchasing an additional 542 shares during the last quarter. Optiver Holding B.V. purchased a new stake in shares of Ovintiv in the fourth quarter valued at $40,000. Quent Capital LLC increased its stake in Ovintiv by 146.5% in the first quarter. Quent Capital LLC now owns 1,134 shares of the company’s stock valued at $49,000 after purchasing an additional 674 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new position in Ovintiv in the first quarter valued at $61,000. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Down 2.4%

Shares of NYSE:OVV opened at $38.95 on Tuesday. The company has a market capitalization of $10.01 billion, a price-to-earnings ratio of 17.24, a price-to-earnings-growth ratio of 4.83 and a beta of 1.10. The company has a 50 day moving average of $39.98 and a two-hundred day moving average of $39.22. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $47.18. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The firm had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. As a group, analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th 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 3.1%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv’s payout ratio is presently 53.10%.

Analyst Ratings Changes

OVV has been the subject of several research analyst reports. TD Cowen raised shares of Ovintiv to a “strong-buy” rating in a research report on Monday, July 7th. Barclays boosted their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, July 25th. Citigroup set a $54.00 target price on Ovintiv and gave the stock a “buy” rating in a research report on Wednesday, July 2nd. Wells Fargo & Company lowered their price target on Ovintiv from $46.00 to $41.00 and set an “equal weight” rating for the company in a research report on Monday, June 16th. Finally, Scotiabank upped their price target on Ovintiv from $48.00 to $51.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 11th. One analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $53.47.

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.