Ovintiv Inc. $OVV Shares Sold by Smead Capital Management Inc.

Smead Capital Management Inc. trimmed its position in shares of Ovintiv Inc. (NYSE:OVV) by 20.6% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,459,320 shares of the company’s stock after selling 896,260 shares during the period. Ovintiv makes up about 2.7% of Smead Capital Management Inc.’s holdings, making the stock its 19th largest holding. Smead Capital Management Inc. owned about 1.37% of Ovintiv worth $139,687,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. lifted its stake in Ovintiv by 3.4% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 9,571,397 shares of the company’s stock worth $364,192,000 after acquiring an additional 312,827 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Ovintiv by 7.6% during the second quarter. Arrowstreet Capital Limited Partnership now owns 5,238,681 shares of the company’s stock worth $199,441,000 after purchasing an additional 368,249 shares during the period. Adage Capital Partners GP L.L.C. increased its stake in Ovintiv by 143.8% during the second quarter. Adage Capital Partners GP L.L.C. now owns 3,739,237 shares of the company’s stock worth $142,278,000 after purchasing an additional 2,205,233 shares during the period. Bank of New York Mellon Corp lifted its position in shares of Ovintiv by 8.6% during the third quarter. Bank of New York Mellon Corp now owns 2,740,750 shares of the company’s stock worth $110,671,000 after purchasing an additional 216,153 shares in the last quarter. Finally, Holocene Advisors LP boosted its stake in shares of Ovintiv by 11.6% in the second quarter. Holocene Advisors LP now owns 2,493,370 shares of the company’s stock valued at $94,873,000 after purchasing an additional 258,796 shares during the period. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Price Performance

Ovintiv stock opened at $50.54 on Friday. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.43. The company has a fifty day simple moving average of $41.67 and a 200-day simple moving average of $40.46. The stock has a market cap of $12.80 billion, a P/E ratio of 55.54, a price-to-earnings-growth ratio of 2.85 and a beta of 0.78. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $51.23.

Insider Buying and Selling at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, December 12th. The stock was 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 through the SEC website. Company insiders own 1.70% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently weighed in on OVV. UBS Group upped their target price on shares of Ovintiv from $55.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday. William Blair began coverage on shares of Ovintiv in a research note on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price target for the company. Evercore reiterated an “outperform” rating and issued a $47.00 price objective on shares of Ovintiv in a research note on Thursday, November 6th. Jefferies Financial Group reiterated a “buy” rating and issued a $54.00 target price on shares of Ovintiv in a report on Saturday, January 17th. Finally, Scotiabank upgraded Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.