Meiji Yasuda Asset Management Co Ltd. Has $412,000 Stake in Ovintiv Inc. (NYSE:OVV)

Meiji Yasuda Asset Management Co Ltd. raised its position in Ovintiv Inc. (NYSE:OVV) by 2.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 10,183 shares of the company’s stock after buying an additional 276 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.’s holdings in Ovintiv were worth $412,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in OVV. Prudential Financial Inc. increased its stake in Ovintiv by 13.9% in the fourth 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 during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Ovintiv by 1.6% in the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock valued at $1,193,272,000 after purchasing an additional 451,947 shares in the last quarter. Napatree Capital LLC increased its stake in shares of Ovintiv by 25.3% in the 4th quarter. Napatree Capital LLC now owns 10,046 shares of the company’s stock valued at $407,000 after purchasing an additional 2,026 shares during the last quarter. LPL Financial LLC raised its holdings in shares of Ovintiv by 17.8% during the 4th quarter. LPL Financial LLC now owns 89,492 shares of the company’s stock worth $3,624,000 after buying an additional 13,554 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new stake in shares of Ovintiv during the 4th quarter worth $4,281,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have issued reports on OVV shares. Mizuho decreased their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. 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 report on Monday. Williams Trading set a $58.00 price objective on shares of Ovintiv in a research report on Wednesday, March 5th. Barclays boosted their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research note on Thursday, January 30th. Finally, Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $55.00 to $54.00 in a report on Monday, January 13th. Two investment analysts have rated the stock with a hold rating, fourteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $57.17.

Ovintiv Price Performance

Ovintiv stock opened at $43.32 on Friday. The firm has a market cap of $11.28 billion, a P/E ratio of 5.74 and a beta of 2.55. The stock’s 50 day moving average is $42.66 and its 200 day moving average is $41.87. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv Inc. has a one year low of $36.62 and a one year high of $55.95.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Friday, March 14th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.77%. The ex-dividend date of this dividend is Friday, March 14th. Ovintiv’s dividend payout ratio is currently 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.