Mitsubishi UFJ Trust & Banking Corp Sells 38,510 Shares of Ovintiv Inc. $OVV

Mitsubishi UFJ Trust & Banking Corp cut its position in shares of Ovintiv Inc. (NYSE:OVV) by 16.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 197,107 shares of the company’s stock after selling 38,510 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp’s holdings in Ovintiv were worth $7,638,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in OVV. McIlrath & Eck LLC bought a new stake in shares of Ovintiv in the 3rd quarter worth approximately $31,000. Foster Dykema Cabot & Partners LLC bought a new position in Ovintiv in the third quarter worth $36,000. Quent Capital LLC bought a new position in Ovintiv in the third quarter worth $37,000. Flagship Harbor Advisors LLC acquired a new stake in Ovintiv during the fourth quarter worth $38,000. Finally, IFP Advisors Inc boosted its stake in Ovintiv by 58.4% during the third quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock worth $54,000 after buying an additional 494 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Down 1.2%

Shares of NYSE OVV opened at $60.84 on Friday. Ovintiv Inc. has a 52-week low of $33.26 and a 52-week high of $62.60. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.54 and a current ratio of 0.54. The business has a fifty day moving average of $55.74 and a two-hundred day moving average of $45.65. The stock has a market cap of $17.24 billion, a PE ratio of 12.57, a PEG ratio of 2.02 and a beta of 0.57.

Ovintiv (NYSE:OVV) last posted its earnings results on Monday, February 23rd. The company reported $1.39 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.41. The business had revenue of $1.89 billion for the quarter, compared to analyst estimates of $1.89 billion. Ovintiv had a net margin of 13.94% and a return on equity of 12.00%. During the same quarter in the prior year, the firm earned ($0.23) EPS. As a group, equities research analysts expect that Ovintiv Inc. will post 6.42 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Shareholders of record on Friday, March 13th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Friday, March 13th. Ovintiv’s dividend payout ratio is currently 24.79%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OVV. Roth Mkm increased their price objective on shares of Ovintiv from $42.00 to $50.00 and gave the company a “neutral” rating in a research note on Tuesday, February 24th. Weiss Ratings upgraded shares of Ovintiv from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, April 2nd. UBS Group dropped their price target on shares of Ovintiv from $76.00 to $75.00 and set a “buy” rating for the company in a research report on Thursday, April 9th. Morgan Stanley assumed coverage on shares of Ovintiv in a research note on Friday, March 27th. They set an “equal weight” rating and a $68.00 price target for the company. Finally, Truist Financial lifted their price objective on Ovintiv from $70.00 to $72.00 and gave the company a “buy” rating in a report on Monday, April 13th. Fifteen investment analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus price target of $60.42.

Insider Activity

In other news, Director Howard John Mayson sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the completion of the sale, the director owned 45,780 shares of the company’s stock, valued at approximately $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction that occurred on Friday, March 13th. The shares were sold at an average price of $54.78, for a total transaction of $634,461.96. Following the completion of the transaction, the executive vice president owned 54,092 shares of the company’s stock, valued at $2,963,159.76. This trade represents a 17.64% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.85% of the stock is currently owned by corporate insiders.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.