Mirae Asset Global Investments Co. Ltd. Acquires 200,196 Shares of Ovintiv Inc. (NYSE:OVV)

Mirae Asset Global Investments Co. Ltd. grew its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 1,150.3% in the first quarter, according to its most recent filing with the SEC. The firm owned 217,600 shares of the company's stock after acquiring an additional 200,196 shares during the quarter. Mirae Asset Global Investments Co. Ltd. owned about 0.08% of Ovintiv worth $9,187,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Colonial Trust Co SC bought a new position in Ovintiv in the 4th quarter valued at about $28,000. Smartleaf Asset Management LLC lifted its stake in shares of Ovintiv by 71.3% in 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 in the fourth quarter valued at approximately $40,000. Mizuho Bank Ltd. bought a new position in shares of Ovintiv in the fourth quarter valued at approximately $40,000. Finally, Cullen Frost Bankers Inc. increased its stake in shares of Ovintiv by 3,571.4% during the fourth quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock valued at $42,000 after acquiring an additional 1,000 shares during the period. Institutional investors own 83.81% of the company's stock.

Ovintiv Stock Down 0.0%

NYSE OVV traded down $0.02 during trading on Friday, reaching $40.04. 1,910,731 shares of the company's stock were exchanged, compared to its average volume of 3,341,823. 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 fifty-two week low of $29.80 and a fifty-two week high of $49.57. The company's fifty day simple moving average is $37.64 and its 200-day simple moving average is $39.54. The firm has a market capitalization of $10.40 billion, a PE ratio of 17.04, a P/E/G ratio of 2.15 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, topping the consensus estimate of $1.20 by $0.22. The business had revenue of $2.38 billion during the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. Sell-side analysts predict 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. Stockholders of record on Friday, June 13th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.00%. The ex-dividend date was Friday, June 13th. Ovintiv's dividend payout ratio is currently 51.06%.

Wall Street Analyst Weigh In

OVV has been the subject of several research analyst reports. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and upped their price objective for the company from $55.00 to $57.00 in a report on Monday, March 24th. Morgan Stanley reissued an "overweight" rating and issued a $50.00 price target on shares of Ovintiv in a report on Tuesday, April 15th. Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Mizuho dropped their target price 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. Finally, The Goldman Sachs Group upgraded shares of 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 report on Tuesday. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, Ovintiv presently has a consensus rating of "Buy" and a consensus target price of $54.47.

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.