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

Key Points

• Glenmede Trust reduced its Ovintiv stake by 20.4% in the first quarter, selling 22,179 shares and retaining 86,458 shares valued at approximately $5.1 million.
• Other major institutional investors increased their positions, including Millennium Management, which more than doubled its stake. Institutional investors and hedge funds collectively own 83.81% of Ovintiv’s shares.
• Ovintiv reported quarterly EPS of $1.74, below the $1.94 consensus estimate, but revenue of $3.01 billion exceeded expectations. The company declared a quarterly dividend of $0.30, while analysts maintain a “Moderate Buy” consensus with an average price target of $66.89.

Glenmede Trust Co. NA reduced its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 20.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 86,458 shares of the company's stock after selling 22,179 shares during the quarter. Glenmede Trust Co. NA's holdings in Ovintiv were worth $5,132,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the business. Dimensional Fund Advisors LP boosted its position in shares of Ovintiv by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company's stock worth $433,418,000 after purchasing an additional 1,669,469 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Ovintiv by 2.1% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 9,890,315 shares of the company's stock valued at $387,601,000 after buying an additional 203,256 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its position in Ovintiv by 16.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company's stock valued at $467,874,000 after buying an additional 1,137,162 shares in the last quarter. Millennium Management LLC raised its stake in Ovintiv by 116.3% in the fourth quarter. Millennium Management LLC now owns 5,692,806 shares of the company's stock valued at $223,101,000 after buying an additional 3,060,691 shares during the last quarter. Finally, Adage Capital Partners GP L.L.C. raised its stake in Ovintiv by 13.5% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 5,462,109 shares of the company's stock valued at $214,060,000 after buying an additional 650,000 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Down 1.8%

Ovintiv stock opened at $60.80 on Wednesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. The business's 50-day simple moving average is $56.65 and its two-hundred day simple moving average is $54.30. The company has a market cap of $16.75 billion, a PE ratio of 17.17 and a beta of 0.53. Ovintiv Inc. has a fifty-two week low of $35.47 and a fifty-two week high of $64.61.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Thursday, July 23rd. The company reported $1.74 earnings per share 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 firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Equities analysts anticipate that Ovintiv Inc. will post 6.87 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 29th. Investors 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 dividend on an annualized basis and a yield of 2.0%. Ovintiv's dividend payout ratio is currently 33.90%.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on OVV. Stephens restated a "positive" rating and set a $69.00 price target on shares of Ovintiv in a research note on Friday, July 24th. UBS Group increased their price objective on shares of Ovintiv from $71.00 to $74.00 and gave the company a "buy" rating in a research report on Tuesday, July 28th. Roth Capital lifted their target price on shares of Ovintiv from $50.00 to $55.00 and gave the stock a "neutral" rating in a research note on Wednesday, June 24th. National Bank Financial boosted their target price on shares of Ovintiv from $82.00 to $83.00 and gave the stock an "outperform" rating in a research report on Wednesday, July 8th. Finally, Truist Financial reissued a "buy" rating and set a $73.00 target price (up from $66.00) on shares of Ovintiv in a research report on Monday, July 27th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $66.89.

Ovintiv Company Profile

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.

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