Bank of New York Mellon Corp Acquires 18,490 Shares of Ovintiv Inc. (NYSE:OVV)

Bank of New York Mellon Corp grew its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 0.6% during the first quarter, according to the company in its most recent disclosure with the SEC. 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 hedge funds and other institutional investors have also recently modified their holdings of the stock. Meiji Yasuda Asset Management Co Ltd. grew its stake in shares of Ovintiv by 2.8% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company's stock worth $412,000 after buying an additional 276 shares during the last quarter. Daiwa Securities Group Inc. grew its stake in shares of Ovintiv by 1.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 20,500 shares of the company's stock worth $830,000 after buying an additional 300 shares during the last quarter. Bessemer Group Inc. grew its stake in shares of Ovintiv by 0.4% during the fourth quarter. Bessemer Group Inc. now owns 70,053 shares of the company's stock worth $2,837,000 after buying an additional 310 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Ovintiv by 71.3% during the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after buying an additional 335 shares during the last quarter. Finally, UMB Bank n.a. grew its stake in shares of Ovintiv by 16.9% during the first quarter. UMB Bank n.a. now owns 2,890 shares of the company's stock worth $124,000 after buying an additional 417 shares during the last quarter. Institutional investors own 83.81% of the company's stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on OVV. Citigroup set a $54.00 target price on shares of Ovintiv and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Mizuho cut their price target on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Morgan Stanley reiterated an "overweight" rating and set a $50.00 price target on shares of Ovintiv in a report on Tuesday, April 15th. JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Finally, Barclays lifted their price target on shares of Ovintiv from $53.00 to $55.00 and gave the stock an "overweight" rating in a report on Monday. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $54.59.

Ovintiv Trading Down 0.6%

OVV stock traded down $0.24 during midday trading on Thursday, hitting $40.26. The stock had a trading volume of 528,020 shares, compared to its average volume of 3,335,749. The firm has a market cap of $10.46 billion, a P/E ratio of 17.14, a price-to-earnings-growth ratio of 2.32 and a beta of 1.08. 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. The business has a fifty day moving average price of $38.10 and a two-hundred day moving average price of $39.60.

Ovintiv (NYSE:OVV - Get Free Report) last released its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.20 by $0.22. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.23 billion. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. On average, sell-side analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were issued a dividend of $0.30 per share. The ex-dividend date was Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.98%. Ovintiv's dividend payout ratio is currently 51.06%.

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.