Ovintiv Inc. $OVV Stock Holdings Lessened by Principal Financial Group Inc.

Principal Financial Group Inc. cut its holdings in Ovintiv Inc. (NYSE:OVV) by 2.9% in the 3rd quarter, according to its most recent 13F filing with the SEC. The firm owned 618,390 shares of the company’s stock after selling 18,210 shares during the period. Principal Financial Group Inc.’s holdings in Ovintiv were worth $24,971,000 as of its most recent filing with the SEC.

Other institutional investors have also modified their holdings of the company. Integrated Wealth Concepts LLC lifted its holdings in Ovintiv by 70.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock worth $391,000 after acquiring an additional 3,788 shares during the last quarter. Great Lakes Advisors LLC bought a new position in shares of Ovintiv during the first quarter valued at approximately $202,000. Focus Partners Wealth raised its position in shares of Ovintiv by 49.3% during the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after purchasing an additional 6,364 shares during the period. Geneos Wealth Management Inc. lifted its holdings in shares of Ovintiv by 47.5% in the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after purchasing an additional 589 shares during the last quarter. Finally, DAVENPORT & Co LLC boosted its position in Ovintiv by 5.7% during the 2nd quarter. DAVENPORT & Co LLC now owns 18,197 shares of the company’s stock valued at $692,000 after purchasing an additional 977 shares during the period. Institutional investors own 83.81% of the company’s stock.

Insider Activity

In related news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the transaction, the chief operating officer owned 105,867 shares in the company, valued at $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

OVV has been the topic of several analyst reports. Scotiabank increased their target price on Ovintiv from $51.00 to $58.00 and gave the stock a “hold” rating in a research report on Tuesday, January 20th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $54.00 price objective on shares of Ovintiv in a report on Saturday, January 17th. Roth Mkm began coverage on shares of Ovintiv in a research report on Monday, October 13th. They issued a “neutral” rating and a $42.00 price objective on the stock. Royal Bank Of Canada restated an “outperform” rating and issued a $55.00 target price on shares of Ovintiv in a research report on Thursday, January 29th. Finally, National Bankshares lifted their price target on Ovintiv from $54.00 to $56.00 and gave the company an “outperform” rating in a report on Tuesday, February 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $51.06.

Ovintiv Stock Performance

Shares of OVV opened at $46.51 on Friday. The firm has a market capitalization of $11.78 billion, a PE ratio of 51.11, a P/E/G ratio of 2.61 and a beta of 0.78. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The firm has a 50-day moving average price of $40.42 and a 200 day moving average price of $39.99. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $46.73.

Ovintiv Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.