Truist Financial Corp Sells 1,496 Shares of Ovintiv Inc. (NYSE:OVV)

Truist Financial Corp trimmed its stake in shares of Ovintiv Inc. (NYSE:OVV) by 2.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 58,757 shares of the company’s stock after selling 1,496 shares during the period. Truist Financial Corp’s holdings in Ovintiv were worth $2,380,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. True Wealth Design LLC raised its holdings in shares of 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 acquiring an additional 636 shares during the period. MassMutual Private Wealth & Trust FSB raised its holdings in shares of 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 acquiring an additional 360 shares during the period. Transamerica Financial Advisors Inc. acquired a new stake in shares of Ovintiv during the third quarter worth $65,000. Covestor Ltd raised its holdings in shares of Ovintiv by 43.9% during the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after acquiring an additional 560 shares during the period. Finally, Fifth Third Bancorp raised its holdings in shares of 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 acquiring an additional 282 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. National Bankshares raised their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, January 30th. Wells Fargo & Company lowered their price target on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 17th. 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 research note on Tuesday, November 26th. Truist Financial lifted their price target on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and lowered their price target for the company from $55.00 to $54.00 in a research note on Monday, January 13th. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus target price of $56.88.

Ovintiv Stock Performance

Shares of OVV stock opened at $42.26 on Wednesday. The company has a market capitalization of $11.00 billion, a price-to-earnings ratio of 5.60 and a beta of 2.60. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The company has a 50-day simple moving average of $42.73 and a 200 day simple moving average of $42.13. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95.

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.