Ovintiv Inc. $OVV Stock: VIRGINIA RETIREMENT SYSTEMS ET Al Boosts Holdings

VIRGINIA RETIREMENT SYSTEMS ET Al grew its stake in Ovintiv Inc. (NYSE:OVV) by 19.8% in the 3rd quarter, Holdings Channel.com reports. The fund owned 78,750 shares of the company’s stock after purchasing an additional 13,000 shares during the quarter. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Ovintiv were worth $4,553,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Aberdeen Wealth Management LLC bought a new stake in Ovintiv during the second quarter worth about $32,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in Ovintiv in the second quarter valued at approximately $32,000. Markowski Investments bought a new position in Ovintiv in the second quarter valued at approximately $39,000. Root Financial Partners LLC grew its stake in Ovintiv by 43.2% in the first quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock valued at $54,000 after purchasing an additional 277 shares in the last quarter. Finally, IFP Advisors Inc increased its position in shares of Ovintiv by 69.0% during the 3rd quarter. IFP Advisors Inc now owns 1,764 shares of the company’s stock worth $102,000 after purchasing an additional 720 shares during the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Insider Activity at Ovintiv

In related news, EVP Rachel Moore sold 7,753 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $63.32, for a total transaction of $490,919.96. Following the transaction, the executive vice president directly owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. The trade was a 9.66% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.85% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on OVV. Wall Street Zen upgraded Ovintiv from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 3rd. Canadian Imperial Bank of Commerce raised their target price on shares of Ovintiv from $65.00 to $75.00 and gave the company a “neutral” rating in a research note on Friday, October 9th. The Goldman Sachs Group boosted their target price on shares of Ovintiv from $65.00 to $72.00 and gave the stock a “buy” rating in a report on Tuesday, October 27th. Citigroup upped their price target on shares of Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Finally, Wells Fargo & Company increased their price target on shares of Ovintiv from $79.00 to $82.00 and gave the company an “overweight” rating in a research note on Wednesday, October 14th. Two research analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus price target of $72.32.

Ovintiv Price Performance

NYSE:OVV opened at $72.61 on Monday. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. The stock’s 50 day moving average price is $64.99 and its two-hundred day moving average price is $57.42. The firm has a market capitalization of $20.00 billion, a price-to-earnings ratio of 20.51 and a beta of 0.57. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $73.61.

About Ovintiv

Ovintiv Inc is an independent energy company engaged in the exploration, development, production and marketing of oil, condensate, natural gas liquids and natural gas. The company’s operations are focused on North America, with production and resource development activities in the United States and Canada.

Ovintiv’s U.S. operations include assets in the Permian Basin of Texas and New Mexico and the Uinta Basin of Utah. In Canada, the company’s portfolio includes the Montney and Horn River natural gas and liquids-rich plays in British Columbia and Alberta.