Ovintiv Inc. (NYSE:OVV) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. lowered its stake in Ovintiv Inc. (NYSE:OVV) by 2.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 644,463 shares of the company’s stock after selling 14,678 shares during the quarter. Principal Financial Group Inc. owned 0.25% of Ovintiv worth $26,101,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently added to or reduced their stakes in OVV. True Wealth Design LLC lifted its holdings in Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after purchasing an additional 636 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its holdings in Ovintiv by 100.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after purchasing an additional 360 shares in the last quarter. Transamerica Financial Advisors Inc. purchased a new position in Ovintiv in the 3rd quarter valued at $65,000. Covestor Ltd lifted its holdings in Ovintiv by 43.9% in the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after purchasing an additional 560 shares in the last quarter. Finally, Fifth Third Bancorp lifted its holdings in Ovintiv by 13.4% in the 4th quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock valued at $97,000 after purchasing an additional 282 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on OVV. Scotiabank lifted their price target on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a report on Monday, November 18th. Truist Financial lifted their price target on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Barclays lifted their price target on Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a report on Thursday, January 30th. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $55.00 to $54.00 in a report on Monday, January 13th. Finally, UBS Group reduced their price target on Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and an average target price of $56.88.

Ovintiv Stock Performance

NYSE OVV opened at $43.33 on Friday. Ovintiv Inc. has a 1-year low of $36.90 and a 1-year high of $55.95. The company has a market cap of $11.28 billion, a P/E ratio of 5.75 and a beta of 2.60. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a 50-day moving average of $42.59 and a two-hundred day moving average of $42.11.

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.