Ovintiv (NYSE:OVV) Reaches New 52-Week High – Here’s Why

Ovintiv Inc. (NYSE:OVV)’s share price hit a new 52-week high on Monday. The stock traded as high as $73.00 and last traded at $72.1480, with a volume of 3,098,866 shares trading hands. The stock had previously closed at $72.27.

Wall Street Analyst Weigh In

OVV has been the topic of several research reports. Roth Capital upped their price objective on Ovintiv from $55.00 to $65.00 and gave the company a “neutral” rating in a research note on Thursday, October 22nd. Stephens reiterated a “positive” rating on shares of Ovintiv in a research report on Tuesday. Scotiabank lifted their target price on Ovintiv from $75.00 to $80.00 and gave the stock a “sector outperform” rating in a research report on Monday, October 19th. Royal Bank Of Canada boosted their price target on Ovintiv from $85.00 to $90.00 and gave the company an “outperform” rating in a report on Tuesday, October 13th. Finally, Weiss Ratings raised Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, October 2nd. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $72.27.

Ovintiv Stock Down 2.0%

The stock has a 50 day simple moving average of $64.62 and a 200 day simple moving average of $56.93.

Insider Transactions 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 completion of the transaction, the executive vice president owned 72,530 shares in the company, valued at $4,592,599.60. The trade was a 9.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.85% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Ovintiv

Large investors have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC boosted its holdings in shares of Ovintiv by 5.0% during the second quarter. Integrated Wealth Concepts LLC now owns 5,460 shares of the company’s stock valued at $287,000 after acquiring an additional 260 shares during the period. CX Institutional increased its holdings in shares of Ovintiv by 1.0% in the 2nd quarter. CX Institutional now owns 28,363 shares of the company’s stock worth $1,493,000 after acquiring an additional 276 shares during the period. Root Financial Partners LLC increased its holdings in shares of Ovintiv by 43.2% in the 1st quarter. Root Financial Partners LLC now owns 918 shares of the company’s stock worth $54,000 after acquiring an additional 277 shares during the period. Sanctuary Advisors LLC lifted its position in Ovintiv by 2.6% in the 1st quarter. Sanctuary Advisors LLC now owns 13,020 shares of the company’s stock valued at $773,000 after purchasing an additional 324 shares during the last quarter. Finally, Arizona State Retirement System lifted its position in Ovintiv by 0.5% in the 2nd quarter. Arizona State Retirement System now owns 78,181 shares of the company’s stock valued at $4,116,000 after purchasing an additional 358 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

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.