Merit Financial Group LLC Has $1.01 Million Position in Ovintiv Inc. $OVV

Merit Financial Group LLC lifted its position in shares of Ovintiv Inc. (NYSE:OVV) by 248.6% in the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 25,010 shares of the company’s stock after buying an additional 17,836 shares during the quarter. Merit Financial Group LLC’s holdings in Ovintiv were worth $1,010,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of OVV. McIlrath & Eck LLC acquired a new stake in Ovintiv during the third quarter worth approximately $31,000. IFP Advisors Inc boosted its position 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 in the last quarter. HM Payson & Co. acquired a new position in Ovintiv during the third quarter valued at approximately $36,000. Quent Capital LLC bought a new position in shares of Ovintiv in the 3rd quarter valued at $37,000. Finally, MAI Capital Management boosted its stake in 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 in the last quarter. Institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

OVV has been the topic of a number of research reports. Stephens raised shares of Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. Zacks Research cut Ovintiv from a “hold” rating to a “strong sell” rating in a report on Monday, February 2nd. Wells Fargo & Company raised their price objective on shares of Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a report on Tuesday, November 18th. National Bank Financial lifted their target price on shares of Ovintiv from $54.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. Finally, Royal Bank Of Canada reissued an “outperform” rating and set a $55.00 target price on shares of Ovintiv in a report on Thursday, January 29th. Two equities research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $51.06.

Insiders Place Their Bets

In related news, COO Gregory Dean Givens sold 50,000 shares of the company’s stock in a transaction dated 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 sale, 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 at the SEC website. Insiders own 0.89% of the company’s stock.

Ovintiv Trading Down 1.9%

NYSE:OVV opened at $46.03 on Wednesday. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $48.17. The firm’s fifty day moving average is $41.11 and its 200-day moving average is $40.25. The firm has a market cap of $11.66 billion, a P/E ratio of 50.58, a P/E/G ratio of 2.63 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 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.