Ovintiv Inc. (NYSE:OVV) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. cut its stake in shares of Ovintiv Inc. (NYSE:OVV) by 2.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 644,463 shares of the company’s stock after selling 14,678 shares during the period. Principal Financial Group Inc.’s holdings in Ovintiv were worth $26,101,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in OVV. True Wealth Design LLC lifted its stake in Ovintiv by 3,180.0% during the third 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 last quarter. MassMutual Private Wealth & Trust FSB lifted its stake in Ovintiv by 100.8% during the fourth 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 last quarter. Transamerica Financial Advisors Inc. purchased a new stake in Ovintiv during the third quarter worth approximately $65,000. Covestor Ltd lifted its stake in Ovintiv by 43.9% during the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after purchasing an additional 560 shares during the last quarter. Finally, Fifth Third Bancorp lifted its stake in Ovintiv by 13.4% during the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock worth $97,000 after purchasing an additional 282 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently weighed in on OVV. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $55.00 to $54.00 in a research note on Monday, January 13th. National Bankshares boosted their target price on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Wells Fargo & Company decreased their target price on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 17th. Barclays boosted their price objective on Ovintiv from $57.00 to $59.00 and gave the company an “overweight” rating in a research note on Thursday, January 30th. Finally, Scotiabank boosted their price objective on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday, November 18th. Four investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $56.88.

Ovintiv Price Performance

Ovintiv stock opened at $43.33 on Friday. The business has a 50 day simple moving average of $42.59 and a 200-day simple moving average of $42.11. Ovintiv Inc. has a 12 month low of $36.90 and a 12 month high of $55.95. The stock has a market capitalization of $11.28 billion, a PE ratio of 5.75 and a beta of 2.60. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

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.