Ovintiv Inc. (NYSE:OVV) Shares Acquired by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lifted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 2,987.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 28,191 shares of the company’s stock after purchasing an additional 27,278 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Ovintiv were worth $1,173,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in OVV. True Wealth Design LLC grew its stake in shares of Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after purchasing an additional 636 shares during the period. MassMutual Private Wealth & Trust FSB grew its stake in shares of Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock worth $29,000 after purchasing an additional 360 shares during the period. Transamerica Financial Advisors Inc. acquired a new stake in Ovintiv in the 3rd quarter valued at about $65,000. Covestor Ltd increased its holdings in Ovintiv by 43.9% during the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after acquiring an additional 560 shares in the last quarter. Finally, Fifth Third Bancorp increased its holdings in Ovintiv by 13.4% during the 4th quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock valued at $97,000 after acquiring an additional 282 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on OVV shares. Scotiabank raised their target price on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday, November 18th. Truist Financial raised their target price on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday, January 13th. Wells Fargo & Company dropped their target price on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. Barclays raised their target price on shares of Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a report on Thursday, January 30th. Finally, National Bankshares raised their target price on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $56.88.

Ovintiv Trading Down 4.9 %

Shares of OVV stock opened at $43.33 on Friday. The stock has a market cap of $11.28 billion, a price-to-earnings ratio of 5.75 and a beta of 2.60. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The firm’s 50 day moving average price is $42.59 and its two-hundred day moving average price is $42.11.

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.