abrdn plc Acquires New Stake in Ovintiv Inc. (NYSE:OVV)

abrdn plc bought a new position in Ovintiv Inc. (NYSE:OVV - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 8,693 shares of the company's stock, valued at approximately $346,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. True Wealth Design LLC boosted 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 during the last quarter. MassMutual Private Wealth & Trust FSB boosted its stake in shares of Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock worth $29,000 after acquiring an additional 360 shares during the last quarter. UMB Bank n.a. boosted its stake in shares of Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock worth $50,000 after acquiring an additional 286 shares during the last quarter. Transamerica Financial Advisors Inc. purchased a new position in shares of Ovintiv during the 3rd quarter worth $65,000. Finally, Covestor Ltd boosted its stake in shares of Ovintiv by 43.9% during the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company's stock worth $70,000 after acquiring an additional 560 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analyst Ratings Changes

OVV has been the topic of several analyst reports. Wells Fargo & Company lowered their target price on Ovintiv from $48.00 to $42.00 and set an "equal weight" rating on the stock in a research report on Tuesday, December 17th. Barclays lifted their price objective on Ovintiv from $57.00 to $59.00 and gave the company an "overweight" rating in a research report on Thursday, January 30th. Mizuho lowered their price target on shares of Ovintiv from $63.00 to $60.00 and set an "outperform" rating on the stock in a report on Monday, December 16th. National Bankshares lifted their price target on shares of Ovintiv from $51.00 to $56.00 and gave the company an "outperform" rating in a report on Thursday, January 30th. Finally, Citigroup lowered their price target on shares of Ovintiv from $55.00 to $54.00 and set a "buy" rating on the stock in a report on Tuesday, November 26th. Four equities research 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. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $56.88.

Ovintiv Price Performance

Shares of NYSE:OVV traded up $0.88 during mid-day trading on Friday, reaching $44.15. The stock had a trading volume of 1,909,320 shares, compared to its average volume of 2,547,620. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a market cap of $11.49 billion, a P/E ratio of 5.86 and a beta of 2.60. 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 price is $42.27 and its 200 day moving average price is $42.07.

Ovintiv Company 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.