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

Mitsubishi UFJ Trust & Banking Corp raised its stake in shares of Ovintiv Inc. (NYSE:OVV) by 15.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 375,541 shares of the company’s stock after purchasing an additional 49,648 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned 0.14% of Ovintiv worth $15,229,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of OVV. Meiji Yasuda Asset Management Co Ltd. grew its position in Ovintiv by 2.8% in the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock valued at $412,000 after acquiring an additional 276 shares during the period. Prudential Financial Inc. boosted its stake in shares of Ovintiv by 13.9% in the 4th quarter. Prudential Financial Inc. now owns 195,814 shares of the company’s stock valued at $7,930,000 after purchasing an additional 23,904 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Ovintiv by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock worth $1,193,272,000 after purchasing an additional 451,947 shares during the last quarter. Napatree Capital LLC grew its holdings in shares of Ovintiv by 25.3% in the 4th quarter. Napatree Capital LLC now owns 10,046 shares of the company’s stock worth $407,000 after purchasing an additional 2,026 shares during the last quarter. Finally, LPL Financial LLC increased its holdings in shares of Ovintiv by 17.8% during the fourth quarter. LPL Financial LLC now owns 89,492 shares of the company’s stock worth $3,624,000 after buying an additional 13,554 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of research reports. Barclays raised their target price on Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Williams Trading set a $58.00 price objective on shares of Ovintiv in a report on Wednesday, March 5th. BMO Capital Markets upgraded Ovintiv from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Wells Fargo & Company boosted their price target on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Finally, Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and lowered their target price for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $57.17.

Ovintiv Stock Performance

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

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders 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 yield of 2.84%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s dividend payout ratio (DPR) is presently 28.57%.

Ovintiv 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.