Cibc World Market Inc. Lowers Stake in Ovintiv Inc. $OVV

Cibc World Market Inc. reduced its stake in shares of Ovintiv Inc. (NYSE:OVV) by 30.3% in the third quarter, according to its most recent filing with the SEC. The fund owned 70,889 shares of the company’s stock after selling 30,815 shares during the period. Cibc World Market Inc.’s holdings in Ovintiv were worth $2,862,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. McIlrath & Eck LLC bought a new stake in Ovintiv during the third quarter worth about $31,000. IFP Advisors Inc raised its holdings in shares of Ovintiv by 316.7% during the 2nd quarter. IFP Advisors Inc now owns 846 shares of the company’s stock valued at $32,000 after buying an additional 643 shares in the last quarter. HM Payson & Co. bought a new stake in Ovintiv in the 3rd quarter worth approximately $36,000. Quent Capital LLC bought a new stake in Ovintiv in the 3rd quarter worth approximately $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 worth $45,000 after buying an additional 744 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Price Performance

Shares of NYSE OVV opened at $46.89 on Monday. Ovintiv Inc. has a 1 year low of $29.80 and a 1 year high of $48.17. The stock has a market capitalization of $11.87 billion, a P/E ratio of 51.52, a P/E/G ratio of 2.63 and a beta of 0.78. The company’s 50-day moving average is $40.92 and its 200 day moving average is $40.16. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.45 and a quick ratio of 0.45.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Citigroup lowered their price objective on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a report on Tuesday, November 18th. Royal Bank Of Canada reissued an “outperform” rating and issued a $55.00 price target on shares of Ovintiv in a research note on Thursday, January 29th. Evercore restated an “outperform” rating and set a $47.00 price target on shares of Ovintiv in a research report on Thursday, November 6th. Stephens upgraded Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Finally, UBS Group reissued a “buy” rating on shares of Ovintiv in a research note on Thursday, January 22nd. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.06.

Insider Buying and Selling at Ovintiv

In other Ovintiv news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction on 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 completion of the transaction, 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 filing with the SEC, which can be accessed through this link. 0.89% of the stock is owned by corporate insiders.

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.