Summit Trail Advisors LLC Buys New Stake in Ovintiv Inc. (NYSE:OVV)

Summit Trail Advisors LLC purchased a new stake in shares of Ovintiv Inc. (NYSE:OVV) during the 4th quarter, HoldingsChannel reports. The firm purchased 5,073 shares of the company’s stock, valued at approximately $205,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Nisa Investment Advisors LLC boosted its stake in shares of Ovintiv by 0.4% during the 4th quarter. Nisa Investment Advisors LLC now owns 65,346 shares of the company’s stock worth $2,647,000 after acquiring an additional 231 shares in the last quarter. Drive Wealth Management LLC raised its holdings in Ovintiv by 2.5% in the 3rd quarter. Drive Wealth Management LLC now owns 10,309 shares of the company’s stock worth $395,000 after purchasing an additional 251 shares during the period. CIBC Asset Management Inc boosted its position in Ovintiv by 3.7% during the third quarter. CIBC Asset Management Inc now owns 7,937 shares of the company’s stock worth $304,000 after purchasing an additional 280 shares in the last quarter. Fifth Third Bancorp grew its holdings in Ovintiv by 13.4% in the fourth quarter. Fifth Third Bancorp now owns 2,385 shares of the company’s stock valued at $97,000 after purchasing an additional 282 shares during the period. Finally, OneDigital Investment Advisors LLC increased its position in shares of Ovintiv by 5.2% in the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company’s stock valued at $231,000 after buying an additional 298 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Stock Down 5.8 %

Shares of NYSE:OVV opened at $42.76 on Thursday. Ovintiv Inc. has a 52-week low of $36.90 and a 52-week high of $55.95. The stock has a market cap of $11.13 billion, a P/E ratio of 5.67 and a beta of 2.60. The business has a fifty day moving average of $42.19 and a two-hundred day moving average of $42.07. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on OVV shares. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and decreased their target price for the company from $55.00 to $54.00 in a research report on Monday, January 13th. UBS Group decreased their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a report on Monday, December 9th. Truist Financial boosted their target price on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Barclays raised their price target on shares of 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 stock a “sector outperform” rating in a research note on Monday, November 18th. Four 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 stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.88.

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.