Vanguard Group Inc. Decreases Holdings in Ovintiv Inc. $OVV

Vanguard Group Inc. trimmed its stake in Ovintiv Inc. (NYSE:OVV) by 1.8% during the third quarter, Holdings Channel reports. The fund owned 29,748,314 shares of the company’s stock after selling 539,813 shares during the period. Vanguard Group Inc. owned approximately 0.12% of Ovintiv worth $1,201,237,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. McIlrath & Eck LLC purchased a new stake in shares of Ovintiv during the 3rd quarter worth approximately $31,000. HM Payson & Co. bought a new position in Ovintiv during the third quarter valued at $36,000. Quent Capital LLC purchased a new stake in Ovintiv in the third quarter worth $37,000. MAI Capital Management raised its stake in shares of Ovintiv by 174.6% in the second quarter. MAI Capital Management now owns 1,170 shares of the company’s stock valued at $45,000 after buying an additional 744 shares during the period. Finally, Allworth Financial LP raised its stake in shares of Ovintiv by 126.2% in the second quarter. Allworth Financial LP now owns 1,624 shares of the company’s stock valued at $62,000 after buying an additional 906 shares during the period. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Performance

Shares of OVV opened at $50.54 on Friday. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $51.23. The stock’s 50-day simple moving average is $41.67 and its 200 day simple moving average is $40.46. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.45 and a current ratio of 0.45. The stock has a market capitalization of $12.80 billion, a price-to-earnings ratio of 55.54, a price-to-earnings-growth ratio of 2.84 and a beta of 0.78.

Insider Activity

In other news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the completion of the transaction, the chief operating officer directly owned 105,867 shares in the company, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.70% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on OVV shares. Royal Bank Of Canada reiterated an “outperform” rating and set a $55.00 price target on shares of Ovintiv in a research note on Thursday. Scotiabank raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Jefferies Financial Group reiterated a “buy” rating and set a $54.00 target price on shares of Ovintiv in a research report on Saturday, January 17th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ovintiv in a research note on Monday, December 29th. Finally, Stephens raised shares of Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.22.

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.