Mitsubishi UFJ Trust & Banking Corp Purchases 89,267 Shares of Ovintiv Inc. $OVV

Mitsubishi UFJ Trust & Banking Corp increased its position in shares of Ovintiv Inc. (NYSE:OVV) by 61.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 235,617 shares of the company’s stock after buying an additional 89,267 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Ovintiv were worth $9,514,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in OVV. McIlrath & Eck LLC bought a new position in Ovintiv during the 3rd quarter worth about $31,000. IFP Advisors Inc lifted its position in shares of Ovintiv by 316.7% in the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock worth $32,000 after purchasing an additional 643 shares during the period. Dogwood Wealth Management LLC bought a new position in shares of Ovintiv during the second quarter valued at approximately $35,000. HM Payson & Co. bought a new position in shares of Ovintiv during the third quarter valued at approximately $36,000. Finally, Quent Capital LLC purchased a new position in Ovintiv during the third quarter valued at approximately $37,000. 83.81% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on OVV shares. UBS Group restated a “buy” rating on shares of Ovintiv in a report on Thursday, January 22nd. Evercore ISI reissued an “outperform” rating and issued a $47.00 price target on shares of Ovintiv in a research report on Thursday, November 6th. Wells Fargo & Company raised their price objective on Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 18th. Zacks Research upgraded Ovintiv from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 12th. Finally, National Bankshares reduced their target price on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating for the company in a report on Wednesday, October 22nd. One research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $51.82.

Ovintiv Trading Up 0.1%

Ovintiv stock opened at $42.79 on Thursday. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.45 and a current ratio of 0.45. The stock has a market cap of $10.84 billion, a PE ratio of 47.03, a price-to-earnings-growth ratio of 2.52 and a beta of 0.76. The stock has a 50-day moving average of $39.76 and a two-hundred day moving average of $39.77. Ovintiv Inc. has a one year low of $29.80 and a one year high of $45.96.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, November 4th. The company reported $1.03 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.06. The firm had revenue of $2.07 billion for the quarter, compared to the consensus estimate of $1.86 billion. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%. On average, research analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Monday, December 15th were paid a dividend of $0.30 per share. The ex-dividend date was Monday, December 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.8%. Ovintiv’s dividend payout ratio is presently 131.87%.

Insider Activity

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the completion of the transaction, the chief operating officer owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.89% of the company’s stock.

About Ovintiv

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.