Point72 Asset Management L.P. reduced its holdings in Ovintiv Inc. (NYSE:OVV – Get Rating) by 30.2% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,701,006 shares of the company’s stock after selling 736,478 shares during the quarter. Point72 Asset Management L.P. owned 0.68% of Ovintiv worth $78,246,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Rosenberg Matthew Hamilton raised its holdings in shares of Ovintiv by 26.7% in the 3rd quarter. Rosenberg Matthew Hamilton now owns 950 shares of the company’s stock worth $44,000 after purchasing an additional 200 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in shares of Ovintiv by 1.0% during the third quarter. Cambridge Investment Research Advisors Inc. now owns 23,533 shares of the company’s stock valued at $1,082,000 after acquiring an additional 234 shares during the period. CWM LLC raised its holdings in shares of Ovintiv by 20.1% during the second quarter. CWM LLC now owns 1,460 shares of the company’s stock valued at $65,000 after acquiring an additional 244 shares during the period. Veriti Management LLC raised its holdings in shares of Ovintiv by 5.2% during the third quarter. Veriti Management LLC now owns 5,602 shares of the company’s stock valued at $258,000 after acquiring an additional 276 shares during the period. Finally, Measured Wealth Private Client Group LLC raised its holdings in shares of Ovintiv by 4.6% during the third quarter. Measured Wealth Private Client Group LLC now owns 6,818 shares of the company’s stock valued at $314,000 after acquiring an additional 298 shares during the period. 76.76% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on OVV shares. Morgan Stanley lowered shares of Ovintiv from an “overweight” rating to an “equal weight” rating and cut their price target for the company from $60.00 to $51.00 in a report on Tuesday, January 24th. Wells Fargo & Company started coverage on shares of Ovintiv in a research report on Tuesday, January 24th. They issued an “overweight” rating and a $71.00 target price for the company. Royal Bank of Canada upped their price objective on shares of Ovintiv from $57.00 to $58.00 and gave the stock a “sector perform” rating in a report on Thursday, November 10th. National Bankshares decreased their price objective on shares of Ovintiv from $77.00 to $74.00 and set an “outperform” rating for the company in a report on Wednesday, November 9th. Finally, Cowen upped their price objective on shares of Ovintiv to $79.00 in a report on Tuesday, November 15th. Three research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $69.74.
Ovintiv Stock Performance
Shares of OVV stock traded up $0.47 during mid-day trading on Wednesday, reaching $43.28. The company’s stock had a trading volume of 873,608 shares, compared to its average volume of 3,045,384. Ovintiv Inc. has a 1-year low of $37.27 and a 1-year high of $63.30. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.49. The firm’s 50-day moving average is $48.89 and its two-hundred day moving average is $50.53.
Ovintiv Profile
Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company’s principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.