Toronto Dominion Bank Has $15.61 Million Stake in Ovintiv Inc. (NYSE:OVV)

Toronto Dominion Bank increased its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 233.3% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 385,498 shares of the company's stock after purchasing an additional 269,843 shares during the period. Toronto Dominion Bank owned 0.15% of Ovintiv worth $15,611,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in OVV. Arrowstreet Capital Limited Partnership raised its holdings in Ovintiv by 1,732.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock worth $137,134,000 after purchasing an additional 3,203,087 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Ovintiv by 1,577.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 2,458,881 shares of the company's stock worth $99,587,000 after purchasing an additional 2,312,292 shares in the last quarter. Alyeska Investment Group L.P. raised its holdings in Ovintiv by 243.6% during the fourth quarter. Alyeska Investment Group L.P. now owns 2,564,698 shares of the company's stock worth $103,870,000 after purchasing an additional 1,818,337 shares in the last quarter. AQR Capital Management LLC increased its holdings 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 valued at $132,992,000 after buying an additional 1,348,221 shares in the last quarter. Finally, Webs Creek Capital Management LP bought a new position in shares of Ovintiv in the fourth quarter valued at $54,086,000. Institutional investors own 83.81% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on OVV shares. Barclays dropped their price target on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. BMO Capital Markets raised Ovintiv from a "market perform" rating to an "outperform" rating and upped their price target for the company from $55.00 to $57.00 in a report on Monday, March 24th. JPMorgan Chase & Co. dropped their price target on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Scotiabank raised Ovintiv to a "strong-buy" rating in a report on Wednesday, March 19th. Finally, Mizuho dropped their price target on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Tuesday, May 13th. Two investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, Ovintiv has a consensus rating of "Buy" and an average price target of $55.65.

Ovintiv Stock Down 0.7%

Shares of Ovintiv stock traded down $0.26 on Thursday, hitting $35.66. 3,056,797 shares of the company traded hands, compared to its average volume of 3,246,529. The company has a 50-day moving average price of $36.73 and a 200 day moving average price of $40.49. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $51.72. The company has a market cap of $9.26 billion, a PE ratio of 4.73 and a beta of 1.14.

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, beating the consensus estimate of $1.20 by $0.22. The business had revenue of $2.38 billion for the quarter, compared to analysts' expectations of $2.23 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. Sell-side analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date is Friday, June 13th. Ovintiv's dividend payout ratio is presently 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.