Bank of New York Mellon Corp Raises Stock Holdings in Ovintiv Inc. (NYSE:OVV)

Bank of New York Mellon Corp boosted its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 0.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,945,159 shares of the company's stock after buying an additional 18,490 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.13% of Ovintiv worth $126,053,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Colonial Trust Co SC bought a new position in Ovintiv in the 4th quarter valued at $28,000. Smartleaf Asset Management LLC grew its stake in shares of Ovintiv by 71.3% during the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after acquiring an additional 335 shares during the period. Optiver Holding B.V. bought a new position in shares of Ovintiv during the 4th quarter worth $40,000. Mizuho Bank Ltd. bought a new position in shares of Ovintiv during the 4th quarter worth $40,000. Finally, Quent Capital LLC grew its stake in shares of Ovintiv by 146.5% during the 1st quarter. Quent Capital LLC now owns 1,134 shares of the company's stock worth $49,000 after acquiring an additional 674 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Price Performance

Shares of NYSE OVV traded up $1.02 during trading hours on Friday, reaching $41.93. 3,424,169 shares of the stock traded hands, compared to its average volume of 3,349,357. The company has a market capitalization of $10.89 billion, a P/E ratio of 17.84, a price-to-earnings-growth ratio of 2.28 and a beta of 1.08. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.44. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $49.57. The company's 50-day simple moving average is $38.23 and its two-hundred day simple moving average is $39.62.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The company reported $1.42 earnings per share for the quarter, beating analysts' consensus estimates of $1.20 by $0.22. The company had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. Equities research analysts forecast that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 13th were paid a $0.30 dividend. The ex-dividend date was Friday, June 13th. This represents a $1.20 dividend on an annualized basis and a yield of 2.86%. Ovintiv's dividend payout ratio (DPR) is currently 51.06%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on OVV shares. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and increased their price target for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. The Goldman Sachs Group upgraded Ovintiv from a "neutral" rating to a "buy" rating and raised their target price for the stock from $47.00 to $51.00 in a research note on Tuesday, July 1st. Mizuho cut their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research note on Tuesday, May 13th. Barclays raised their target price on Ovintiv from $53.00 to $55.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, TD Cowen upgraded Ovintiv to a "strong-buy" rating in a research note on Monday. Two analysts have rated the stock with a hold rating, fourteen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $54.47.

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.