Meiji Yasuda Life Insurance Co made a new investment in Ovintiv Inc. (NYSE:OVV) during the fourth quarter, as revealed in the company’s latest 13F filing with the SEC. The firm acquired 8,630 shares of Ovintiv stock, valued at approximately $350,000.
Other institutional investors and hedge funds have also recently adjusted their holdings in Ovintiv. For instance, MassMutual Private Wealth & Trust FSB increased its stake by 100.8% in the fourth quarter, now owning 717 shares valued at $29,000. Smartleaf Asset Management LLC boosted its holdings by 71.3%, owning 805 shares worth $32,000. Mizuho Bank Ltd. and Optiver Holding B.V. both acquired new stakes in Ovintiv during the 4th quarter, each worth $40,000. Cullen Frost Bankers Inc. significantly increased its position by 3,571.4%, now owning 1,028 shares valued at $42,000.
Institutional investors collectively own 83.81% of Ovintiv’s stock. Recent analyst ratings have been positive, with Scotiabank upgrading Ovintiv to a “strong-buy” rating. National Bankshares and Truist Financial raised their target prices to $56.00 and $60.00, respectively. Wells Fargo & Company maintained an “equal weight” rating but increased the target price to $46.00. Morgan Stanley reaffirmed an “overweight” rating with a $50.00 target price. The average analyst rating is “Buy” with an average target price of $55.76.
Ovintiv’s stock opened at $35.52 on Friday, with a market capitalization of $9.25 billion. The company has a debt-to-equity ratio of 0.46 and a price-to-earnings ratio of 4.71. Ovintiv recently declared a quarterly dividend of $0.30 per share, representing an annualized yield of 3.38%.
Ovintiv Inc. explores, develops, and produces natural gas, oil, and natural gas liquids in the United States and Canada. The company’s principal assets include Permian in west Texas and Anadarko in west-central Oklahoma, as well as Montney in northeast British Columbia and northwest Alberta.
