Pitcairn Co. Has $398,000 Position in Ovintiv Inc. (NYSE:OVV)

Pitcairn Co. cut its stake in shares of Ovintiv Inc. (NYSE:OVV) by 21.5% during the 3rd quarter, Holdings Channel reports. The fund owned 10,391 shares of the company’s stock after selling 2,845 shares during the period. Pitcairn Co.’s holdings in Ovintiv were worth $398,000 as of its most recent SEC filing.

A number of other large investors have also bought and sold shares of the stock. Innealta Capital LLC bought a new position in shares of Ovintiv during the 2nd quarter worth about $39,000. UMB Bank n.a. boosted its holdings in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after acquiring an additional 286 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Ovintiv in the second quarter valued at approximately $69,000. Blue Trust Inc. increased its holdings in shares of Ovintiv by 24.0% during the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock valued at $93,000 after acquiring an additional 347 shares in the last quarter. Finally, Covestor Ltd raised its position in shares of Ovintiv by 43.9% during the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after purchasing an additional 560 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on OVV shares. Evercore ISI reduced their price target on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Truist Financial lifted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a report on Friday, November 15th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Wells Fargo & Company cut their price target on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. Finally, Scotiabank increased their price objective on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research note on Monday, November 18th. Five research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $56.65.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $45.73 on Wednesday. The company has a market capitalization of $11.90 billion, a P/E ratio of 6.06 and a beta of 2.62. The company’s 50-day moving average is $41.62 and its 200 day moving average is $44.13. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $55.95.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date is Friday, December 13th. Ovintiv’s payout ratio 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.