Sumitomo Mitsui Trust Group Inc. Purchases 5,055 Shares of Ovintiv Inc. (NYSE:OVV)

Sumitomo Mitsui Trust Group Inc. lifted its position in Ovintiv Inc. (NYSE:OVV) by 1.0% in the 3rd quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 504,762 shares of the company’s stock after acquiring an additional 5,055 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.19% of Ovintiv worth $19,337,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Innealta Capital LLC bought a new position in shares of Ovintiv in the 2nd quarter worth approximately $39,000. UMB Bank n.a. raised its position in shares of Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after acquiring an additional 286 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of Ovintiv in the 2nd quarter worth approximately $69,000. Covestor Ltd raised its position in shares of Ovintiv by 43.9% in the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after acquiring an additional 560 shares in the last quarter. Finally, Blue Trust Inc. raised its position in shares of Ovintiv by 24.0% in the 2nd quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock worth $93,000 after acquiring an additional 347 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Evercore ISI reduced their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Truist Financial raised their price objective on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research report on Friday. Barclays raised their price objective on Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research report on Friday. UBS Group reduced their price objective on Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Finally, Mizuho reduced their price objective on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Wednesday, October 9th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Ovintiv Stock Performance

OVV stock opened at $43.79 on Monday. The company has a market cap of $11.40 billion, a P/E ratio of 5.81, a price-to-earnings-growth ratio of 7.97 and a beta of 2.62. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95. 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 stock’s fifty day moving average price is $40.71 and its 200-day moving average price is $44.41.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.30 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.74%. Ovintiv’s dividend payout ratio (DPR) is currently 15.92%.

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.