39,049 Ovintiv Inc. $OVV Shares Sold by Sterling Capital Management LLC

Sterling Capital Management LLC lowered its position in shares of Ovintiv Inc. (NYSE:OVV) by 75.9% during the third quarter, Holdings Channel reports. The fund owned 12,391 shares of the company’s stock after selling 39,049 shares during the quarter. Sterling Capital Management LLC’s holdings in Ovintiv were worth $716,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in OVV. BlackRock Inc. purchased a new stake in shares of Ovintiv in the 2nd quarter valued at approximately $1,422,959,000. Bank of New York Mellon Corp purchased a new position in Ovintiv during the 2nd quarter worth approximately $124,308,000. Bank of America Corp DE purchased a new position in Ovintiv during the 2nd quarter worth approximately $79,475,000. Arrowstreet Capital Limited Partnership raised its stake in Ovintiv by 16.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 7,880,705 shares of the company’s stock valued at $467,874,000 after purchasing an additional 1,137,162 shares during the period. Finally, Deutsche Bank AG acquired a new stake in Ovintiv during the 2nd quarter valued at $50,852,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the company. Seaport Research Partners initiated coverage on Ovintiv in a report on Thursday, September 3rd. They issued a “neutral” rating for the company. Roth Capital lifted their price target on Ovintiv from $55.00 to $65.00 and gave the company a “neutral” rating in a report on Thursday, October 22nd. Morgan Stanley upped their price target on Ovintiv from $67.00 to $71.00 and gave the company an “equal weight” rating in a research report on Thursday, October 15th. Canadian Imperial Bank of Commerce increased their price objective on Ovintiv from $65.00 to $75.00 and gave the stock a “neutral” rating in a research note on Friday, October 9th. Finally, The Goldman Sachs Group increased their price objective on Ovintiv from $65.00 to $72.00 and gave the stock a “buy” rating in a research note on Tuesday. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $72.27.

Insider Buying and Selling at Ovintiv

In other news, EVP Rachel Moore sold 7,753 shares of the company’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $63.32, for a total value of $490,919.96. Following the transaction, the executive vice president directly owned 72,530 shares of the company’s stock, valued at approximately $4,592,599.60. This represents a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.85% of the company’s stock.

Ovintiv Trading Down 2.0%

OVV stock opened at $71.10 on Wednesday. The company has a 50 day moving average of $64.62 and a two-hundred day moving average of $56.93. Ovintiv Inc. has a 12-month low of $35.47 and a 12-month high of $73.61.

About Ovintiv

Ovintiv Inc is an independent energy company engaged in the exploration, development, production and marketing of oil, condensate, natural gas liquids and natural gas. The company’s operations are focused on North America, with production and resource development activities in the United States and Canada.

Ovintiv’s U.S. operations include assets in the Permian Basin of Texas and New Mexico and the Uinta Basin of Utah. In Canada, the company’s portfolio includes the Montney and Horn River natural gas and liquids-rich plays in British Columbia and Alberta.