Envestnet Asset Management Inc. Sells 26,035 Shares of Ovintiv Inc. $OVV

Envestnet Asset Management Inc. lowered its position in shares of Ovintiv Inc. (NYSE:OVV) by 4.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 502,471 shares of the company’s stock after selling 26,035 shares during the period. Envestnet Asset Management Inc. owned about 0.20% of Ovintiv worth $20,290,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. McIlrath & Eck LLC bought a new stake in shares of Ovintiv during the third quarter worth about $31,000. IFP Advisors Inc boosted its position in Ovintiv by 316.7% during the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock worth $32,000 after buying an additional 643 shares during the period. HM Payson & Co. bought a new stake in Ovintiv during the 3rd quarter worth approximately $36,000. Quent Capital LLC bought a new stake in Ovintiv during the 3rd quarter worth approximately $37,000. Finally, MAI Capital Management increased its position in Ovintiv by 174.6% in the 2nd quarter. MAI Capital Management now owns 1,170 shares of the company’s stock valued at $45,000 after acquiring an additional 744 shares during the period. Institutional investors and hedge funds 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 firm’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 of the company’s stock, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 1.70% of the company’s stock.

Ovintiv Stock Up 2.0%

Shares of NYSE OVV opened at $46.89 on Friday. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The firm has a market cap of $11.87 billion, a PE ratio of 51.52, a P/E/G ratio of 2.63 and a beta of 0.78. The company’s fifty day simple moving average is $40.92 and its 200 day simple moving average is $40.18. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $48.17.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Wells Fargo & Company boosted their price objective on shares of Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 18th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $55.00 target price on shares of Ovintiv in a report on Thursday, January 29th. UBS Group reissued a “buy” rating on shares of Ovintiv in a research note on Thursday, January 22nd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $54.00 price objective on shares of Ovintiv in a research note on Saturday, January 17th. Finally, TD Cowen upgraded Ovintiv to a “strong-buy” rating in a report on Monday, February 9th. Two research analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $51.06.

Ovintiv Company 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.