Hillsdale Investment Management Inc. Takes Position in Ovintiv Inc. $OVV

Hillsdale Investment Management Inc. purchased a new stake in Ovintiv Inc. (NYSE:OVV) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 45,000 shares of the company’s stock, valued at approximately $1,816,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. McIlrath & Eck LLC acquired a new stake in shares of Ovintiv in the 3rd quarter worth $31,000. HM Payson & Co. acquired a new position in shares of Ovintiv during the 3rd quarter valued at about $36,000. Quent Capital LLC purchased a new stake in shares of Ovintiv in the third quarter valued at about $37,000. MAI Capital Management increased its position in Ovintiv by 174.6% during the second quarter. MAI Capital Management now owns 1,170 shares of the company’s stock worth $45,000 after purchasing an additional 744 shares during the last quarter. Finally, Allworth Financial LP raised its stake in Ovintiv by 126.2% during the second quarter. Allworth Financial LP now owns 1,624 shares of the company’s stock worth $62,000 after purchasing an additional 906 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently weighed in on OVV. Wells Fargo & Company increased their price target on shares of Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research note on Tuesday, November 18th. Evercore reiterated an “outperform” rating and issued a $47.00 price objective on shares of Ovintiv in a research report on Thursday, November 6th. Jefferies Financial Group reissued a “buy” rating and set a $54.00 target price on shares of Ovintiv in a research note on Saturday, January 17th. Stephens raised Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. Finally, National Bank Financial increased their price target on Ovintiv from $54.00 to $56.00 and gave the stock an “outperform” rating in a report on Tuesday, February 3rd. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and an average price target of $51.22.

Ovintiv Price Performance

OVV stock opened at $50.54 on Monday. The business’s fifty day moving average price is $41.67 and its 200 day moving average price is $40.47. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $51.23. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $12.80 billion, a PE ratio of 55.54, a P/E/G ratio of 2.84 and a beta of 0.78.

Insider Activity at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of Ovintiv stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $40.33, for a total value of $2,016,500.00. Following the completion of the transaction, 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 is accessible through this hyperlink. Insiders own 0.89% of the company’s stock.

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.