Rhumbline Advisers Sells 11,025 Shares of Ovintiv Inc. $OVV

Rhumbline Advisers lowered its holdings in Ovintiv Inc. (NYSE:OVV) by 1.6% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 684,814 shares of the company’s stock after selling 11,025 shares during the quarter. Rhumbline Advisers’ holdings in Ovintiv were worth $27,653,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of OVV. Krilogy Financial LLC bought a new position in shares of Ovintiv in the third quarter worth approximately $467,000. Profund Advisors LLC purchased a new position in Ovintiv in the 3rd quarter worth approximately $232,000. Smartleaf Asset Management LLC increased its holdings in shares of Ovintiv by 74.1% in the 3rd quarter. Smartleaf Asset Management LLC now owns 1,656 shares of the company’s stock worth $67,000 after buying an additional 705 shares during the last quarter. Gallacher Capital Management LLC bought a new stake in shares of Ovintiv during the 3rd quarter worth $808,000. Finally, Savant Capital LLC lifted its holdings in shares of Ovintiv by 412.9% during the 3rd quarter. Savant Capital LLC now owns 36,771 shares of the company’s stock worth $1,485,000 after acquiring an additional 29,602 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Insider Transactions at Ovintiv

In other Ovintiv 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 value of $2,016,500.00. Following the completion of the sale, the chief operating officer owned 105,867 shares in the company, valued at approximately $4,269,616.11. The trade was a 32.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.89% of the stock is currently owned by insiders.

Ovintiv Stock Up 2.0%

Shares of NYSE:OVV opened at $46.89 on Monday. The stock has a market capitalization of $11.87 billion, a P/E ratio of 51.52, a price-to-earnings-growth ratio of 2.63 and a beta of 0.78. The stock’s 50-day moving average price is $40.92 and its 200-day moving average price is $40.16. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.43. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $48.17.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Zacks Research cut Ovintiv from a “hold” rating to a “strong sell” rating in a research note on Monday, February 2nd. Scotiabank upgraded Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. National Bank Financial increased their price objective on Ovintiv from $54.00 to $56.00 and gave the company an “outperform” rating in a research report on Tuesday, February 3rd. Jefferies Financial Group reissued a “buy” rating and set a $54.00 price objective on shares of Ovintiv in a report on Saturday, January 17th. Finally, William Blair started coverage on Ovintiv in a research note on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus price target of $51.06.

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.