Sumitomo Mitsui Trust Holdings Inc. Cuts Stock Position in Ovintiv Inc. (NYSE:OVV)

Sumitomo Mitsui Trust Holdings Inc. lessened its stake in shares of Ovintiv Inc. (NYSE:OVV) by 0.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 577,704 shares of the company’s stock after selling 342 shares during the quarter. Sumitomo Mitsui Trust Holdings Inc. owned about 0.21% of Ovintiv worth $25,373,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the stock. Xponance Inc. raised its stake in shares of Ovintiv by 0.6% during the third quarter. Xponance Inc. now owns 41,823 shares of the company’s stock worth $1,990,000 after purchasing an additional 240 shares during the last quarter. LPL Financial LLC raised its stake in shares of Ovintiv by 0.3% during the third quarter. LPL Financial LLC now owns 89,668 shares of the company’s stock worth $4,265,000 after purchasing an additional 261 shares during the last quarter. Blue Trust Inc. grew its holdings in Ovintiv by 20.5% during the fourth quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock worth $80,000 after acquiring an additional 284 shares during the period. Signaturefd LLC grew its holdings in Ovintiv by 1.7% during the third quarter. Signaturefd LLC now owns 19,093 shares of the company’s stock worth $908,000 after acquiring an additional 317 shares during the period. Finally, Fifth Third Bancorp grew its holdings in Ovintiv by 20.3% during the fourth quarter. Fifth Third Bancorp now owns 1,945 shares of the company’s stock worth $85,000 after acquiring an additional 328 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Insider Activity at Ovintiv

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the transaction, the executive vice president now directly owns 23,672 shares in the company, valued at $1,206,325.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Howard John Mayson sold 6,000 shares of the stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $50.56, for a total transaction of $303,360.00. Following the transaction, the director now directly owns 36,840 shares in the company, valued at $1,862,630.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the transaction, the executive vice president now owns 23,672 shares in the company, valued at $1,206,325.12. The disclosure for this sale can be found here. Insiders have sold a total of 91,564 shares of company stock valued at $4,660,818 over the last quarter. Insiders own 1.70% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on OVV shares. Citigroup upped their price objective on Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, March 18th. UBS Group upped their price objective on Ovintiv from $62.00 to $69.00 and gave the stock a “buy” rating in a report on Thursday, April 11th. Jefferies Financial Group upped their price objective on Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a report on Friday, April 12th. Royal Bank of Canada upped their price objective on Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a report on Thursday, February 29th. Finally, Wells Fargo & Company dropped their price objective on Ovintiv from $46.00 to $44.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 17th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.71.

Ovintiv Stock Up 0.9 %

OVV opened at $51.98 on Monday. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.53. The firm has a market cap of $13.98 billion, a P/E ratio of 6.59 and a beta of 2.65. Ovintiv Inc. has a 52 week low of $32.07 and a 52 week high of $55.95. The business’s fifty day simple moving average is $50.02 and its 200 day simple moving average is $46.42.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $1.94 by $0.41. The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. As a group, equities research analysts anticipate that Ovintiv Inc. will post 6.36 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.31%. The ex-dividend date was Thursday, March 14th. Ovintiv’s payout ratio is currently 15.21%.

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.