Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 29,319 shares of the company's stock, valued at approximately $1,740,000.
Several other institutional investors and hedge funds have also recently modified their holdings of the business. AQR Capital Management LLC grew its holdings in Ovintiv by 263.8% in the third quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company's stock valued at $199,866,000 after purchasing an additional 3,589,030 shares during the period. Millennium Management LLC raised its stake in shares of Ovintiv by 116.3% during the 4th quarter. Millennium Management LLC now owns 5,692,806 shares of the company's stock worth $223,101,000 after buying an additional 3,060,691 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Ovintiv by 17.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company's stock worth $433,418,000 after buying an additional 1,669,469 shares during the period. Goldentree Asset Management LP purchased a new position in shares of Ovintiv during the 4th quarter valued at approximately $61,528,000. Finally, Freestone Grove Partners LP grew its stake in Ovintiv by 79.9% in the 4th quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company's stock valued at $120,506,000 after acquiring an additional 1,365,535 shares during the period. Hedge funds and other institutional investors own 83.81% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts have weighed in on OVV shares. Truist Financial reduced their price objective on shares of Ovintiv from $70.00 to $66.00 and set a "buy" rating for the company in a research report on Monday. Texas Capital upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Thursday, June 25th. Roth Capital boosted their target price on shares of Ovintiv from $50.00 to $55.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 24th. Royal Bank Of Canada set a $70.00 price target on shares of Ovintiv and gave the stock an "outperform" rating in a research report on Monday, June 22nd. Finally, Wall Street Zen lowered shares of Ovintiv from a "buy" rating to a "hold" rating in a research note on Tuesday, June 30th. One equities research analyst has rated the stock with a Strong Buy rating, fifteen have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $64.16.
Get Our Latest Research Report on Ovintiv
Ovintiv Trading Down 0.4%
Shares of OVV stock opened at $56.08 on Thursday. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $63.46. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. The stock's fifty day moving average is $56.23 and its two-hundred day moving average is $52.20. The firm has a market capitalization of $15.76 billion, a P/E ratio of 18.09 and a beta of 0.53.
Ovintiv Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend was Monday, June 15th. Ovintiv's dividend payout ratio is currently 38.71%.
About Ovintiv
(
Free Report)
Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv's upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.
The company's core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.
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