Ovintiv Inc. (NYSE:OVV) Stock Position Lowered by Sumitomo Mitsui Trust Holdings Inc.

Sumitomo Mitsui Trust Holdings Inc. lessened its position in Ovintiv Inc. (NYSE:OVV) by 0.1% during the fourth quarter, Holdings Channel reports. The institutional investor owned 577,704 shares of the company’s stock after selling 342 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc.’s holdings in Ovintiv were worth $25,373,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of OVV. Raymond James & Associates raised its stake in shares of Ovintiv by 35.3% in the 1st quarter. Raymond James & Associates now owns 57,458 shares of the company’s stock worth $3,107,000 after buying an additional 14,978 shares in the last quarter. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Ovintiv in the 1st quarter worth $525,000. HighTower Advisors LLC acquired a new position in shares of Ovintiv in the 1st quarter worth $715,000. Cetera Advisor Networks LLC acquired a new stake in shares of Ovintiv during the first quarter worth $224,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Ovintiv by 45.7% during the first quarter. PNC Financial Services Group Inc. now owns 15,605 shares of the company’s stock worth $843,000 after purchasing an additional 4,895 shares during the period. Institutional investors own 83.81% of the company’s stock.

Insider Transactions at Ovintiv

In other news, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the completion of the sale, the executive vice president now owns 23,672 shares in the company, valued at approximately $1,206,325.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the completion of the sale, the executive vice president now owns 23,672 shares in the company, valued at approximately $1,206,325.12. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Howard John Mayson sold 6,000 shares of the company’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $50.56, for a total value of $303,360.00. Following the sale, the director now owns 36,840 shares of the company’s stock, valued at approximately $1,862,630.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 91,564 shares of company stock worth $4,660,818. 1.70% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

OVV has been the topic of a number of recent analyst reports. The Goldman Sachs Group boosted their target price on Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 26th. Morgan Stanley boosted their target price on Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. Jefferies Financial Group boosted their target price on Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a research report on Friday, April 12th. National Bankshares dropped their price target on Ovintiv from $69.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 10th. Finally, Mizuho reissued a “buy” rating and set a $58.00 price target on shares of Ovintiv in a research report on Thursday, April 4th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $56.71.

Ovintiv Stock Performance

Shares of OVV stock opened at $51.98 on Monday. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60. Ovintiv Inc. has a fifty-two week low of $32.07 and a fifty-two week high of $55.95. The stock’s 50-day moving average is $50.02 and its two-hundred day moving average is $46.42. The firm has a market cap of $13.98 billion, a P/E ratio of 6.59 and a beta of 2.65.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, topping the consensus estimate of $1.94 by $0.41. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. The company had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Analysts predict that Ovintiv Inc. will post 6.36 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were paid a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.31%. Ovintiv’s dividend payout ratio (DPR) is presently 15.21%.

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.