Strs Ohio Trims Stock Position in Ovintiv Inc. $OVV

Strs Ohio lessened its holdings in Ovintiv Inc. (NYSE:OVV) by 84.9% during the 3rd quarter, Holdings Channel.com reports. The firm owned 6,129 shares of the company’s stock after selling 34,529 shares during the period. Strs Ohio’s holdings in Ovintiv were worth $247,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. McIlrath & Eck LLC purchased a new stake in Ovintiv during the third quarter valued at approximately $31,000. IFP Advisors Inc boosted its stake in shares of Ovintiv by 316.7% during the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock worth $32,000 after acquiring an additional 643 shares during the last quarter. HM Payson & Co. bought a new stake in shares of Ovintiv during the 3rd quarter valued at $36,000. Quent Capital LLC purchased a new stake in shares of Ovintiv in the 3rd quarter worth $37,000. Finally, MAI Capital Management raised its holdings in Ovintiv by 174.6% in the 2nd quarter. MAI Capital Management now owns 1,170 shares of the company’s stock worth $45,000 after purchasing an additional 744 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Insider Activity

In related news, COO Gregory Dean Givens sold 50,000 shares of Ovintiv stock in a transaction dated 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 transaction, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. The trade was a 32.08% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Stephens assumed coverage on Ovintiv in a report on Monday. They set an “equal weight” rating and a $44.00 price target for the company. National Bankshares reduced their price objective on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, October 22nd. Jefferies Financial Group reissued a “buy” rating and issued a $54.00 target price on shares of Ovintiv in a report on Saturday, January 17th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Ovintiv in a report on Monday, December 29th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $55.00 target price on shares of Ovintiv in a report on Thursday, January 29th. One equities research 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. According to MarketBeat.com, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.39.

Ovintiv Stock Performance

NYSE OVV opened at $42.46 on Tuesday. The business’s 50 day moving average price is $40.00 and its 200-day moving average price is $39.82. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $45.96. The company has a market cap of $10.75 billion, a P/E ratio of 46.65, a P/E/G ratio of 2.43 and a beta of 0.78. The company has a debt-to-equity ratio of 0.43, a quick ratio of 0.45 and a current ratio of 0.45.

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

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.