M&T Bank Corp reduced its stake in shares of Ovintiv Inc. (NYSE:OVV – Free Report) by 25.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,246 shares of the company’s stock after selling 5,168 shares during the quarter. M&T Bank Corp’s holdings in Ovintiv were worth $653,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in OVV. Westpac Banking Corp grew its stake in shares of Ovintiv by 64.8% during the fourth quarter. Westpac Banking Corp now owns 31,369 shares of the company’s stock valued at $1,270,000 after buying an additional 12,340 shares during the last quarter. BNP Paribas Financial Markets bought a new position in shares of Ovintiv during the fourth quarter valued at approximately $25,272,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in shares of Ovintiv by 19.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company’s stock valued at $8,768,000 after buying an additional 34,207 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Ovintiv by 62.3% during the fourth quarter. Franklin Resources Inc. now owns 439,769 shares of the company’s stock valued at $17,811,000 after buying an additional 168,801 shares during the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of Ovintiv by 11.5% during the fourth quarter. Federated Hermes Inc. now owns 164,796 shares of the company’s stock valued at $6,674,000 after buying an additional 16,945 shares during the last quarter. 83.81% of the stock is owned by institutional investors.
Ovintiv Stock Performance
Ovintiv stock opened at $40.56 on Wednesday. The company has a market cap of $10.54 billion, a PE ratio of 17.26, a PEG ratio of 2.34 and a beta of 1.08. The company’s 50-day moving average is $38.62 and its two-hundred day moving average is $39.68. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $49.57.
Ovintiv Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were given a dividend of $0.30 per share. The ex-dividend date was Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.96%. Ovintiv’s dividend payout ratio (DPR) is 51.06%.
Analyst Ratings Changes
A number of analysts have weighed in on OVV shares. The Goldman Sachs Group upgraded Ovintiv from a “neutral” rating to a “buy” rating and upped their target price for the stock from $47.00 to $51.00 in a report on Tuesday, July 1st. Scotiabank upped their target price on Ovintiv from $48.00 to $51.00 and gave the stock a “sector outperform” rating in a report on Friday, July 11th. TD Cowen upgraded Ovintiv to a “strong-buy” rating in a report on Monday, July 7th. Barclays upped their target price on Ovintiv from $53.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 7th. Finally, Mizuho lowered their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. Two analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $54.47.
Get Our Latest Analysis on Ovintiv
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.
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