Denali Advisors LLC Takes $397,000 Position in Ovintiv Inc. $OVV

Denali Advisors LLC bought a new stake in Ovintiv Inc. (NYSE:OVV) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 10,442 shares of the company’s stock, valued at approximately $397,000.

Other institutional investors and hedge funds have also made changes to their positions in the company. IFP Advisors Inc boosted its stake in shares of Ovintiv by 316.7% in the second quarter. IFP Advisors Inc now owns 846 shares of the company’s stock valued at $32,000 after purchasing an additional 643 shares during the period. Dogwood Wealth Management LLC purchased a new position in shares of Ovintiv in the second quarter valued at $35,000. Harbour Investments Inc. boosted its stake in shares of Ovintiv by 143.8% in the first quarter. Harbour Investments Inc. now owns 919 shares of the company’s stock valued at $39,000 after purchasing an additional 542 shares during the period. Gen Wealth Partners Inc boosted its stake in shares of Ovintiv by 91.8% in the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company’s stock valued at $43,000 after purchasing an additional 484 shares during the period. Finally, SVB Wealth LLC purchased a new position in shares of Ovintiv in the first quarter valued at $48,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on OVV. Royal Bank Of Canada set a $55.00 price objective on shares of Ovintiv and gave the company an “outperform” rating in a research note on Wednesday, October 15th. Evercore ISI increased their price objective on shares of Ovintiv from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Monday, October 6th. Morgan Stanley reduced their price objective on shares of Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 14th. National Bankshares reduced their price objective on shares of Ovintiv from $66.00 to $62.00 and set an “outperform” rating on the stock in a research note on Wednesday. Finally, UBS Group increased their price objective on shares of Ovintiv from $51.00 to $52.00 and gave the company a “buy” rating in a research note on Wednesday, August 20th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $51.47.

Ovintiv Stock Up 1.0%

Shares of NYSE:OVV opened at $36.53 on Thursday. The stock has a market capitalization of $9.39 billion, a price-to-earnings ratio of 16.16, a price-to-earnings-growth ratio of 5.32 and a beta of 0.97. Ovintiv Inc. has a 1-year low of $29.80 and a 1-year high of $47.18. The company’s fifty day moving average is $40.28 and its two-hundred day moving average is $38.59. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43.

Ovintiv (NYSE:OVV) last issued its earnings results on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.04 by ($0.02). The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. Equities analysts anticipate that Ovintiv Inc. will post 5.59 EPS for the current year.

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.