Northern Trust Corp Grows Holdings in Ovintiv Inc. (NYSE:OVV)

Northern Trust Corp boosted its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 23.7% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 2,612,740 shares of the company's stock after purchasing an additional 501,156 shares during the period. Northern Trust Corp owned approximately 1.00% of Ovintiv worth $105,816,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in OVV. MassMutual Private Wealth & Trust FSB grew its holdings in Ovintiv by 100.8% during the fourth 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 boosted its position in 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 purchasing an additional 335 shares in the last quarter. Mizuho Bank Ltd. acquired a new stake in shares of Ovintiv during the 4th quarter worth approximately $40,000. Optiver Holding B.V. purchased a new position in shares of Ovintiv during the 4th quarter valued at approximately $40,000. Finally, Cullen Frost Bankers Inc. lifted its stake in shares of Ovintiv by 3,571.4% in the 4th quarter. Cullen Frost Bankers Inc. now owns 1,028 shares of the company's stock valued at $42,000 after purchasing an additional 1,000 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Morgan Stanley reaffirmed an "overweight" rating and issued a $50.00 price objective on shares of Ovintiv in a report on Tuesday, April 15th. Williams Trading set a $58.00 price target on Ovintiv in a research report on Wednesday, March 5th. JPMorgan Chase & Co. dropped their price objective on Ovintiv from $56.00 to $45.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Bank of America raised Ovintiv from a "neutral" rating to a "buy" rating and reduced their target price for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. Finally, BMO Capital Markets raised shares of Ovintiv from a "market perform" rating to an "outperform" rating and lifted their price target for the company from $55.00 to $57.00 in a research note on Monday, March 24th. Two research 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. According to data from MarketBeat.com, Ovintiv currently has a consensus rating of "Buy" and an average price target of $55.76.

Ovintiv Price Performance

Shares of OVV stock traded up $0.35 during trading hours on Tuesday, reaching $34.77. The company had a trading volume of 5,659,044 shares, compared to its average volume of 3,211,326. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $52.90. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The company has a market capitalization of $9.05 billion, a price-to-earnings ratio of 4.61 and a beta of 1.14. The stock has a fifty day moving average of $37.53 and a 200-day moving average of $40.77.

Ovintiv (NYSE:OVV - Get Free Report) last issued its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.37 by $0.05. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. On average, equities analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were paid a $0.30 dividend. The ex-dividend date was Friday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 3.45%. Ovintiv's dividend payout ratio (DPR) is 28.57%.

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.