21,124 Shares in Ovintiv Inc. $OVV Bought by Convergence Investment Partners LLC

Convergence Investment Partners LLC purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV) in the third quarter, HoldingsChannel.com reports. The firm purchased 21,124 shares of the company’s stock, valued at approximately $853,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. KLP Kapitalforvaltning AS grew its stake in Ovintiv by 0.6% during the third quarter. KLP Kapitalforvaltning AS now owns 63,400 shares of the company’s stock worth $2,560,000 after buying an additional 400 shares during the period. ProShare Advisors LLC lifted its holdings in shares of Ovintiv by 3.8% during the 2nd quarter. ProShare Advisors LLC now owns 11,518 shares of the company’s stock valued at $438,000 after acquiring an additional 427 shares in the last quarter. Forum Financial Management LP boosted its position in Ovintiv by 5.2% during the 3rd quarter. Forum Financial Management LP now owns 9,402 shares of the company’s stock worth $380,000 after purchasing an additional 464 shares during the period. Oppenheimer Asset Management Inc. increased its holdings in Ovintiv by 2.3% in the 2nd quarter. Oppenheimer Asset Management Inc. now owns 21,141 shares of the company’s stock valued at $804,000 after purchasing an additional 468 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its holdings in Ovintiv by 12.6% in the 3rd quarter. Farther Finance Advisors LLC now owns 4,600 shares of the company’s stock valued at $186,000 after purchasing an additional 515 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction on Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the completion of the sale, the chief operating officer owned 105,867 shares in the company, valued at $4,269,616.11. The trade was a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.89% of the stock is currently owned by corporate insiders.

Ovintiv Trading Down 2.3%

Shares of NYSE OVV opened at $42.46 on Tuesday. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The stock’s 50 day moving average price is $40.00 and its two-hundred day moving average price is $39.82. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $45.96. The stock has a market capitalization of $10.75 billion, a P/E ratio of 46.65, a PEG ratio of 2.43 and a beta of 0.78.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, November 4th. The company reported $1.03 EPS for the quarter, topping the consensus estimate of $0.97 by $0.06. The company had revenue of $2.07 billion during the quarter, compared to analyst estimates of $1.86 billion. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%. On average, analysts anticipate that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the stock. Roth Mkm initiated coverage on shares of Ovintiv in a research report on Monday, October 13th. They set a “neutral” rating and a $42.00 target price on the stock. Barclays decreased their price objective on shares of Ovintiv from $57.00 to $55.00 and set an “overweight” rating for the company in a research report on Tuesday, October 7th. Scotiabank boosted their price target on Ovintiv from $51.00 to $58.00 and gave the stock a “hold” rating in a research note on Tuesday, January 20th. National Bankshares reduced their price target on Ovintiv from $66.00 to $62.00 and set an “outperform” rating for the company in a report on Wednesday, October 22nd. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $55.00 price objective on shares of Ovintiv in a research note on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.39.

About Ovintiv

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.