Sumitomo Mitsui Trust Group Inc. Grows Stock Position in Ovintiv Inc. (NYSE:OVV)

Sumitomo Mitsui Trust Group Inc. increased its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 504,554 shares of the company's stock after buying an additional 15,738 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.19% of Ovintiv worth $21,595,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in OVV. Vanguard Group Inc. lifted its position in shares of Ovintiv by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company's stock valued at $1,193,272,000 after buying an additional 451,947 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Ovintiv by 14.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company's stock valued at $225,265,000 after buying an additional 683,700 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Ovintiv by 1,732.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock valued at $137,134,000 after buying an additional 3,203,087 shares during the last quarter. AQR Capital Management LLC lifted its stake in shares of Ovintiv by 69.7% in the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock worth $132,992,000 after buying an additional 1,348,221 shares in the last quarter. Finally, Northern Trust Corp boosted its position in Ovintiv by 23.7% during the fourth quarter. Northern Trust Corp now owns 2,612,740 shares of the company's stock worth $105,816,000 after acquiring an additional 501,156 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company's stock.

Ovintiv Trading Down 0.0%

Ovintiv stock traded down $0.02 during trading on Friday, hitting $40.04. The company had a trading volume of 1,910,731 shares, 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. The company's 50 day simple moving average is $37.64 and its 200-day simple moving average is $39.54. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $49.57. The stock has a market cap of $10.40 billion, a price-to-earnings ratio of 17.04, a price-to-earnings-growth ratio of 2.16 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last posted its quarterly earnings data 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. Ovintiv had a return on equity of 14.89% and a net margin of 6.84%. The firm had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. As a group, analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 13th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.00%. Ovintiv's dividend payout ratio is presently 51.06%.

Analyst Ratings Changes

A number of research firms have commented on OVV. Wells Fargo & Company cut their price objective on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. Mizuho cut their price target on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and lifted their price target for the stock from $55.00 to $57.00 in a report on Monday, March 24th. Citigroup set a $54.00 price target on shares of Ovintiv and gave the company a "buy" rating in a research report on Wednesday. Finally, Morgan Stanley restated an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a research report on Tuesday, April 15th. Two investment analysts have rated the stock with a hold rating, thirteen 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 an average 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.