Ovintiv Inc. $OVV Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA lowered its stake in shares of Ovintiv Inc. (NYSE:OVV) by 20.4% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 86,458 shares of the company’s stock after selling 22,179 shares during the period. Glenmede Trust Co. NA’s holdings in Ovintiv were worth $5,132,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Steph & Co. purchased a new stake in shares of Ovintiv in the first quarter worth about $29,000. Flagship Harbor Advisors LLC acquired a new stake in Ovintiv during the fourth quarter worth about $38,000. Los Angeles Capital Management LLC purchased a new position in Ovintiv during the fourth quarter valued at approximately $46,000. Deseret Mutual Benefit Administrators raised its position in Ovintiv by 27.6% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock valued at $52,000 after acquiring an additional 287 shares in the last quarter. Finally, Root Financial Partners LLC lifted its holdings in Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after acquiring an additional 277 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Performance

Shares of OVV stock opened at $60.80 on Wednesday. The company has a current ratio of 1.01, a quick ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $64.61. The business’s 50 day moving average is $56.65 and its two-hundred day moving average is $54.30. The company has a market capitalization of $16.75 billion, a P/E ratio of 17.17 and a beta of 0.53.

Ovintiv (NYSE:OVV) last posted its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 EPS for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 9.43% and a return on equity of 14.84%. The business had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Analysts expect that Ovintiv Inc. will post 6.87 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th will be given a $0.30 dividend. The ex-dividend date is Tuesday, September 15th. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. Ovintiv’s dividend payout ratio (DPR) is 33.90%.

Analysts Set New Price Targets

OVV has been the topic of a number of analyst reports. Citigroup raised their price objective on shares of Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research note on Wednesday, July 29th. Royal Bank Of Canada boosted their target price on shares of Ovintiv from $70.00 to $85.00 and gave the company an “outperform” rating in a research note on Monday, July 27th. Mizuho increased their price target on shares of Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Morgan Stanley lowered their price target on shares of Ovintiv from $68.00 to $65.00 and set an “equal weight” rating on the stock in a report on Monday, June 29th. Finally, Barclays raised their price target on shares of Ovintiv from $68.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and a consensus price target of $66.89.

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.