Elo Mutual Pension Insurance Co Grows Stake in Ovintiv Inc. (NYSE:OVV)

Elo Mutual Pension Insurance Co raised its position in Ovintiv Inc. (NYSE:OVV) by 42.9% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 33,886 shares of the company’s stock after buying an additional 10,178 shares during the period. Elo Mutual Pension Insurance Co’s holdings in Ovintiv were worth $1,372,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Ovintiv by 19.5% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 209,820 shares of the company’s stock worth $8,768,000 after purchasing an additional 34,207 shares in the last quarter. Financial Engines Advisors L.L.C. grew its holdings in shares of Ovintiv by 10.8% during the fourth quarter. Financial Engines Advisors L.L.C. now owns 19,933 shares of the company’s stock worth $807,000 after buying an additional 1,945 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Ovintiv by 15.2% in the fourth quarter. Mitsubishi UFJ Trust & Banking Corp now owns 375,541 shares of the company’s stock worth $15,229,000 after buying an additional 49,648 shares in the last quarter. Meiji Yasuda Asset Management Co Ltd. boosted its position in Ovintiv by 2.8% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 10,183 shares of the company’s stock worth $412,000 after acquiring an additional 276 shares during the last quarter. Finally, Prudential Financial Inc. grew its stake in Ovintiv by 13.9% during the 4th quarter. Prudential Financial Inc. now owns 195,814 shares of the company’s stock valued at $7,930,000 after acquiring an additional 23,904 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OVV has been the topic of several recent research reports. Mizuho lowered their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. Scotiabank raised Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th. BMO Capital Markets upgraded Ovintiv from a “market perform” rating to an “outperform” rating and upped their target price for the company from $55.00 to $57.00 in a report on Monday, March 24th. Barclays lifted their price target on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Finally, Wells Fargo & Company upped their price objective on shares of Ovintiv from $44.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, March 20th. Two research analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Ovintiv has a consensus rating of “Buy” and a consensus price target of $57.17.

Ovintiv Trading Down 2.5 %

OVV opened at $42.24 on Monday. Ovintiv Inc. has a 52 week low of $36.62 and a 52 week high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $42.59 and a 200-day simple moving average of $41.93. The firm has a market cap of $11.00 billion, a P/E ratio of 5.60 and a beta of 2.55.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Investors of record on Friday, March 14th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.84%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s dividend payout ratio (DPR) is 28.57%.

Ovintiv Profile

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.