Glenmede Trust Co. NA Acquires 318,041 Shares of Ovintiv Inc. (NYSE:OVV)

Glenmede Trust Co. NA increased its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 2,105.0% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 333,150 shares of the company's stock after purchasing an additional 318,041 shares during the quarter. Glenmede Trust Co. NA owned 0.13% of Ovintiv worth $12,763,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in OVV. Pacer Advisors Inc. lifted its stake in Ovintiv by 11,282.4% during the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company's stock worth $250,687,000 after purchasing an additional 6,486,159 shares during the last quarter. AQR Capital Management LLC lifted its stake in Ovintiv by 114.9% during the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company's stock worth $141,889,000 after purchasing an additional 1,618,556 shares during the last quarter. Assenagon Asset Management S.A. lifted its stake in Ovintiv by 7,422.1% during the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company's stock worth $52,064,000 after purchasing an additional 1,340,947 shares during the last quarter. SIR Capital Management L.P. bought a new stake in Ovintiv in the second quarter valued at $22,732,000. Finally, Victory Capital Management Inc. lifted its stake in Ovintiv by 42.6% in the third quarter. Victory Capital Management Inc. now owns 1,174,397 shares of the company's stock valued at $44,991,000 after buying an additional 350,909 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on the company. Evercore ISI lowered their price target on Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a report on Monday, September 30th. Scotiabank boosted their price objective on Ovintiv from $50.00 to $53.00 and gave the company a "sector outperform" rating in a research report on Monday, November 18th. Truist Financial boosted their price objective on Ovintiv from $57.00 to $59.00 and gave the stock a "buy" rating in a research note on Friday, November 15th. Mizuho dropped their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Wednesday, October 9th. Finally, Citigroup lowered their price target on Ovintiv from $55.00 to $54.00 and set a "buy" rating for the company in a report on Tuesday. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $56.65.

Ovintiv Price Performance

Shares of NYSE OVV traded down $0.07 during mid-day trading on Friday, hitting $45.42. 1,158,304 shares of the stock traded hands, compared to its average volume of 3,077,020. 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 twelve month low of $36.90 and a twelve month high of $55.95. The company has a market cap of $11.82 billion, a PE ratio of 6.02 and a beta of 2.62. The firm has a 50 day simple moving average of $41.94 and a two-hundred day simple moving average of $44.12.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.64%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv's dividend payout ratio (DPR) is 15.92%.

Ovintiv Company 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.