abrdn plc Acquires New Position in Ovintiv Inc. (NYSE:OVV)

abrdn plc purchased a new position in shares of Ovintiv Inc. (NYSE:OVV) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 8,693 shares of the company’s stock, valued at approximately $346,000.

Several other institutional investors and hedge funds also recently modified their holdings of the business. True Wealth Design LLC raised its stake in Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after purchasing an additional 636 shares during the last quarter. MassMutual Private Wealth & Trust FSB grew its position in Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after acquiring an additional 360 shares in the last quarter. UMB Bank n.a. lifted its stake in shares of Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after acquiring an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. acquired a new position in Ovintiv in the third quarter worth about $65,000. Finally, Covestor Ltd boosted its stake in Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after acquiring an additional 560 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on OVV. Mizuho reduced their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Wells Fargo & Company decreased their price target on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 17th. Barclays boosted their price target on Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, National Bankshares boosted their target price on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $56.88.

Ovintiv Stock Performance

NYSE:OVV opened at $45.39 on Wednesday. The business has a fifty day simple moving average of $42.17 and a two-hundred day simple moving average of $42.07. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The company has a market capitalization of $11.81 billion, a P/E ratio of 6.02 and a beta of 2.60.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.