Allspring Global Investments Holdings LLC Sells 36,710 Shares of Ovintiv Inc. (NYSE:OVV)

Allspring Global Investments Holdings LLC decreased its stake in shares of Ovintiv Inc. (NYSE:OVV) by 97.6% during the third quarter, Holdings Channel reports. The firm owned 913 shares of the company’s stock after selling 36,710 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Ovintiv were worth $35,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in Ovintiv in the second quarter worth approximately $39,000. Geneos Wealth Management Inc. increased its stake in shares of Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares in the last quarter. UMB Bank n.a. increased 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 purchasing an additional 286 shares in the last quarter. International Assets Investment Management LLC purchased a new stake in shares of Ovintiv in the second quarter worth $69,000. Finally, Covestor Ltd increased its stake in shares of Ovintiv by 23.1% in the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after purchasing an additional 293 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Price Performance

OVV stock opened at $39.96 on Wednesday. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. The company has a fifty day simple moving average of $40.58 and a two-hundred day simple moving average of $44.95. The firm has a market capitalization of $10.53 billion, a P/E ratio of 5.64, a price-to-earnings-growth ratio of 7.42 and a beta of 2.62.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Evercore ISI reduced their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. Wolfe Research assumed coverage on shares of Ovintiv in a research note on Thursday, July 18th. They issued an “outperform” rating and a $65.00 price objective for the company. Wells Fargo & Company reduced their price objective on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, October 1st. Truist Financial reduced their price objective on shares of Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Finally, Scotiabank increased their price objective on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 12th. Five research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and a consensus price target of $57.00.

Ovintiv Profile

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.