Vanguard Group Inc. Sells 539,813 Shares of Ovintiv Inc. $OVV

Vanguard Group Inc. lessened its position in Ovintiv Inc. (NYSE:OVV) by 1.8% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 29,748,314 shares of the company’s stock after selling 539,813 shares during the period. Vanguard Group Inc. owned approximately 11.57% of Ovintiv worth $1,201,237,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of OVV. Adage Capital Partners GP L.L.C. lifted its holdings in shares of Ovintiv by 143.8% in the 2nd 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 in the last quarter. Evergreen Capital Management LLC acquired a new position in Ovintiv during the third quarter worth $60,866,000. Qube Research & Technologies Ltd bought a new position in shares of Ovintiv in the second quarter valued at $41,701,000. Orion Porfolio Solutions LLC lifted its stake in shares of Ovintiv by 1,599.3% in the second quarter. Orion Porfolio Solutions LLC now owns 651,038 shares of the company’s stock valued at $24,772,000 after buying an additional 612,725 shares in the last quarter. Finally, Panagora Asset Management Inc. grew its holdings in shares of Ovintiv by 116.3% during the second quarter. Panagora Asset Management Inc. now owns 927,525 shares of the company’s stock valued at $35,292,000 after buying an additional 498,661 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the stock. Evercore restated an “outperform” rating and issued a $47.00 target price on shares of Ovintiv in a report on Thursday, November 6th. Royal Bank Of Canada reissued an “outperform” rating and set a $55.00 price objective on shares of Ovintiv in a report on Thursday. William Blair began coverage on Ovintiv in a research note on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price objective for the company. National Bank Financial lifted their target price on Ovintiv from $54.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, February 3rd. Finally, Wells Fargo & Company upped their price target on Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a report on Tuesday, November 18th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $51.22.

Ovintiv Trading Down 0.2%

NYSE: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 firm has a 50-day moving average price of $41.67 and a two-hundred day moving average price of $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 firm has a market cap 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.

Insiders Place Their Bets

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the company’s stock in a transaction on Friday, December 12th. The stock was 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 owned 105,867 shares in the company, valued at $4,269,616.11. This represents a 32.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.70% of the company’s stock.

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.