Meiji Yasuda Life Insurance Co Invests $350,000 in Ovintiv Inc. (NYSE:OVV)

Meiji Yasuda Life Insurance Co bought a new stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 8,630 shares of the company's stock, valued at approximately $350,000.

Other large investors have also recently added to or reduced their stakes in the company. MassMutual Private Wealth & Trust FSB boosted its position in Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after acquiring an additional 360 shares during the period. Smartleaf Asset Management LLC lifted its holdings in Ovintiv by 71.3% in the fourth quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after purchasing an additional 335 shares during the period. Optiver Holding B.V. acquired a new position in Ovintiv during the 4th quarter valued at about $40,000. Mizuho Bank Ltd. bought a new stake in shares of Ovintiv during the 4th quarter worth about $40,000. Finally, Cullen Frost Bankers Inc. boosted its holdings in shares of Ovintiv by 3,571.4% in 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 in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Down 3.1 %

Shares of Ovintiv stock traded down $1.08 during midday trading on Monday, hitting $34.41. The company's stock had a trading volume of 2,563,872 shares, compared to its average volume of 3,198,651. 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 1-year low of $29.80 and a 1-year high of $52.90. The stock has a 50-day simple moving average of $37.53 and a 200-day simple moving average of $40.77. The firm has a market capitalization of $8.96 billion, a P/E ratio of 4.56 and a beta of 1.14.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.49%. The ex-dividend date of this dividend was Friday, March 14th. Ovintiv's dividend payout ratio is currently 28.57%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Barclays dropped their target price on Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Wells Fargo & Company boosted their price objective on Ovintiv from $45.00 to $46.00 and gave the stock an "equal weight" rating in a research note on Tuesday, April 22nd. Bank of America raised Ovintiv from a "neutral" rating to a "buy" rating and decreased their target price for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Truist Financial raised their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Finally, Williams Trading set a $58.00 target price on shares of Ovintiv in a report on Wednesday, March 5th. Two research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $55.76.

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.