Victory Capital Management Inc. Purchases 350,909 Shares of Ovintiv Inc. (NYSE:OVV)

Victory Capital Management Inc. boosted its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 42.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,174,397 shares of the company's stock after purchasing an additional 350,909 shares during the period. Victory Capital Management Inc. owned approximately 0.45% of Ovintiv worth $44,991,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in OVV. Sumitomo Mitsui Trust Group Inc. lifted its position in shares of Ovintiv by 1.0% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 504,762 shares of the company's stock valued at $19,337,000 after acquiring an additional 5,055 shares during the last quarter. GSA Capital Partners LLP lifted its holdings in shares of Ovintiv by 34.8% during the third quarter. GSA Capital Partners LLP now owns 49,707 shares of the company's stock valued at $1,904,000 after purchasing an additional 12,821 shares during the last quarter. Entropy Technologies LP boosted its position in shares of Ovintiv by 319.9% in the 3rd quarter. Entropy Technologies LP now owns 149,457 shares of the company's stock valued at $5,726,000 after purchasing an additional 113,866 shares during the period. Covestor Ltd increased its stake in Ovintiv by 43.9% in the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company's stock worth $70,000 after purchasing an additional 560 shares in the last quarter. Finally, Summit Global Investments raised its holdings in Ovintiv by 13.1% during the 3rd quarter. Summit Global Investments now owns 19,627 shares of the company's stock worth $752,000 after buying an additional 2,268 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Stock Down 2.1 %

Ovintiv stock traded down $0.93 during mid-day trading on Friday, hitting $43.79. 3,799,665 shares of the company's stock were exchanged, compared to its average volume of 3,084,034. Ovintiv Inc. has a 1-year low of $36.90 and a 1-year high of $55.95. The stock has a 50 day moving average of $40.71 and a two-hundred day moving average of $44.50. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a market cap of $11.40 billion, a P/E ratio of 5.81, a P/E/G ratio of 7.64 and a beta of 2.62.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.74%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv's dividend payout ratio (DPR) is currently 15.92%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Mizuho decreased their target price on shares of Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Wednesday, October 9th. Royal Bank of Canada lowered their price objective on shares of Ovintiv from $62.00 to $61.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 1st. JPMorgan Chase & Co. cut their target price on shares of Ovintiv from $60.00 to $51.00 and set an "overweight" rating on the stock in a research note on Thursday, September 12th. Truist Financial raised their target price on Ovintiv from $57.00 to $59.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Morgan Stanley dropped their price target on Ovintiv from $53.00 to $51.00 and set an "equal weight" rating on the stock in a research report on Monday, September 16th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $57.00.

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.