Rhumbline Advisers Buys 21,181 Shares of Ovintiv Inc. (NYSE:OVV)

Rhumbline Advisers increased its stake in shares of Ovintiv Inc. (NYSE:OVV) by 2.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 759,036 shares of the company’s stock after purchasing an additional 21,181 shares during the period. Rhumbline Advisers owned 0.29% of Ovintiv worth $30,741,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in OVV. True Wealth Design LLC lifted its holdings in shares of Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after buying an additional 636 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Ovintiv by 100.8% in 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 in the last quarter. Transamerica Financial Advisors Inc. bought a new position in Ovintiv in the 3rd quarter valued at $65,000. Covestor Ltd grew its position in shares of 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 purchasing an additional 560 shares in the last quarter. Finally, Fifth Third Bancorp grew its position in shares of 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 purchasing an additional 282 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Price Performance

OVV opened at $44.47 on Wednesday. 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 stock’s 50 day simple moving average is $42.39 and its 200 day simple moving average is $42.03. The firm has a market cap of $11.58 billion, a price-to-earnings ratio of 5.90 and a beta of 2.60. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on OVV shares. Truist Financial lifted their price objective on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $55.00 to $54.00 in a report on Monday, January 13th. Scotiabank lifted their target price on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Citigroup cut their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Finally, Mizuho dropped their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.88.

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.