A company insider recently sold 19,231 shares of Ovintiv Inc. [OVV]. Should You Sale?

Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. Ovintiv Inc. shares valued at $1,144,244 were sold by RICKS THOMAS G on Jun 07. At $59.50 per share, RICKS THOMAS G sold 19,231 shares. The insider’s holdings dropped to 116,269 shares worth approximately $5.31 million following the completion of this transaction.

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Also, Mayson Howard John sold 550 shares, netting a total of over 32,052 in proceeds. Following the sale of shares at $58.28 each, the insider now holds 27,003 shares.

Before that, Mayson Howard John had sold 1,450 shares from its account. In a trade valued at $78,679, the Director traded Ovintiv Inc. shares for $54.26 each. Upon closing the transaction, the insider’s holdings decreased to 1,450 shares, worth approximately $1.26 million.

As published in a research note from BofA Securities on July 19, 2022, Ovintiv Inc. [OVV] has been rated up from a Neutral to a Buy and the price target has been revised to $60 from $65. This represents a 23.95% premium over Thursday’s closing price. Analysts at JP Morgan upgraded the stock from ‘”a Neutral”‘ to ‘”an Overweight”‘ outlook in a report released in late June. As of March 23, 2022, CapitalOne has increased its “an Equal weight” rating to a “an Overweight” for OVV. Earlier on March 08, 2022, BofA Securities downgraded its rating. Their new recommendation was “a Neutral” for OVV stock which previously was a “a Buy”.

Analyzing OVV’s Price Performance

On Thursday, Ovintiv Inc. [NYSE: OVV] plunged -2.79% to $45.63. The stock’s lowest price that day was $44.79, but it reached a high of $47.20 in the same session. During the last five days, there has been a drop of approximately -6.57%. Over the course of the year, Ovintiv Inc. shares have jumped approximately 35.40%. Shares of the company reached a 52-week high of $63.30 on 06/08/22 and a 52-week low of $33.59 on 01/03/22. A 50-day SMA is recorded $48.95, while a 200-day SMA reached $43.87. Nevertheless, trading volume fell to 5.67 million shares from 2.54 million shares the previous day.

Support And Resistance Levels for Ovintiv Inc. (OVV)

According to the 24-hour chart, there is a support level at 44.55, which, if violated, would cause prices to drop to 43.46. In the upper region, resistance lies at 46.96. The next price resistance is at 48.28. RSI (Relative Strength Index) is 47.51 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.07, which suggests the price will decrease in the coming days. Percent R is at 64.25%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.

Is Ovintiv Inc. subject to short interest?

Stocks of Ovintiv Inc. saw a sharp steep in short interest on Jul 14, 2022 dropping by -4.08 million shares to 5.58 million. Data from Yahoo Finance shows that the short interest on Jun 14, 2022 was 9.66 million shares. A decline of -73.12% in short interest reflects a negative sentiment towards the stock. Despite the fact that short shares comprise just 0.79 of the overall float, the days-to-cover ratio (short ratio) decline to 0.79.

Which companies own the most shares of Ovintiv Inc. (OVV)?

According to The Vanguard Group, Inc. filings, the company currently owns 25,847,598 shares, which is about 10.01% of the total OVV shares outstanding. The investor’s shares have plunged by -1,103,133 from its previous 13-F filing of 26950731.0 shares. With the completion of the sale transaction, Dodge & Cox’s stake is now worth $911,292,234. BlackRock Fund Advisors reduced a -0.38% interest valued at $772.51 million while SSgA Funds Management, Inc. purchased a 396,726 stake. A total of 806,000 shares of Ovintiv Inc. were bought by Fidelity Management & Research Co during the quarter, and 930,750 were bought by Marshall Wace LLP. In its current portfolio, Geode Capital Management LLC holds 4,687,165 shares valued at $207.13 million.

In terms of Ovintiv Inc. share price expectations, FactSet research, analysts set an average price target of $67.09 in the next 12 months, up nearly 38.47% from the previous closing price of $46.94. Analysts anticipate Ovintiv Inc. stock to reach $99.00 by 2022, with the lowest price target being $51.00. In spite of this, 24 analysts ranked Ovintiv Inc. stock as a Buy at the end of 2022. On February 28, 2022, RBC Capital Mkts assigned a price target of “an Outperform” to the stock and upgraded coverage with a $50.


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