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

Key Points

• Denali Advisors LLC has taken a new position in Ovintiv Inc., acquiring 10,442 shares valued at approximately $397,000.
• Multiple institutional investors have increased their stakes in Ovintiv, with IFP Advisors Inc. raising its position by 316.7% during the second quarter.
• Ovintiv's current average rating is "Moderate Buy" with a price target averaging $51.47, despite a recent earnings miss and declining revenue expectations.

Denali Advisors LLC acquired a new stake in Ovintiv Inc. (NYSE:OVV - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 10,442 shares of the company's stock, valued at approximately $397,000.

Other institutional investors have also modified their holdings of the company. IFP Advisors Inc raised its position 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 buying an additional 643 shares during the last quarter. Dogwood Wealth Management LLC acquired a new position in Ovintiv during the second quarter worth approximately $35,000. Harbour Investments Inc. increased its position in Ovintiv by 143.8% during the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock worth $39,000 after purchasing an additional 542 shares during the last quarter. Gen Wealth Partners Inc increased its position in Ovintiv by 91.8% during the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock worth $43,000 after purchasing an additional 484 shares during the last quarter. Finally, SVB Wealth LLC acquired a new position in Ovintiv during the first quarter worth approximately $48,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Wall Street Analyst Weigh In

OVV has been the subject of several research analyst reports. Barclays dropped their price target on shares of Ovintiv from $57.00 to $55.00 and set an "overweight" rating for the company in a research report on Tuesday, October 7th. Evercore ISI upped their price target on shares of Ovintiv from $42.00 to $43.00 and gave the stock an "outperform" rating in a research report on Monday, October 6th. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. UBS Group upped their price target on shares of Ovintiv from $51.00 to $52.00 and gave the stock a "buy" rating in a research report on Wednesday, August 20th. Finally, Roth Capital initiated coverage on shares of Ovintiv in a research report on Monday, October 13th. They set a "neutral" rating and a $42.00 price target for the company. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $51.47.

Ovintiv Price Performance

OVV opened at $36.53 on Thursday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. Ovintiv Inc. has a 52-week low of $29.80 and a 52-week high of $47.18. The company has a 50 day moving average of $40.28 and a two-hundred day moving average of $38.59. The company has a market cap of $9.39 billion, a P/E ratio of 16.16, a P/E/G ratio of 5.32 and a beta of 0.97.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.The business had revenue of $1.79 billion for the quarter, compared to analysts' expectations of $1.92 billion. On average, analysts expect that Ovintiv Inc. will post 5.59 earnings per share 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.

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