226,839 Shares in Ovintiv Inc. (NYSE:OVV) Acquired by M&G Plc

M&G Plc acquired a new stake in shares of Ovintiv Inc. (NYSE:OVV) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 226,839 shares of the company’s stock, valued at approximately $8,620,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Innealta Capital LLC acquired a new position in shares of Ovintiv during the 2nd quarter worth $39,000. Geneos Wealth Management Inc. increased its position in Ovintiv by 53.4% during the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after buying an additional 300 shares during the last quarter. UMB Bank n.a. raised its holdings in Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after buying an additional 286 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Ovintiv in the second quarter worth about $69,000. Finally, Covestor Ltd lifted its position 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 buying an additional 293 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

OVV has been the topic of a number of analyst reports. Scotiabank increased their price objective on Ovintiv from $58.00 to $60.00 and gave the company a “sector outperform” rating in a report on Friday, July 12th. Wolfe Research started coverage on Ovintiv in a report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price target on the stock. Mizuho reduced their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Wells Fargo & Company lowered their target price on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 1st. Finally, Evercore ISI dropped their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. 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.com, the stock has an average rating of “Moderate Buy” and an average target price of $57.00.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $43.17 on Friday. The firm has a market capitalization of $11.38 billion, a PE ratio of 6.09, a PEG ratio of 7.99 and a beta of 2.62. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv Inc. has a 1-year low of $36.90 and a 1-year high of $55.95. The business’s 50 day moving average is $40.51 and its 200-day moving average is $44.91.

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.