Recent Insider Activity Suggests Potential Gains for Ovintiv Inc (OVV)

Ovintiv Inc’s filing revealed that its EVP, GC & Corporate Secretary Eilers Meghan Nicole unloaded Company’s shares for reported $0.29 million on Dec 06. In the deal valued at $41.37 per share,7,000 shares were sold. As a result of this transaction, Eilers Meghan Nicole now holds 20,441 shares worth roughly $0.89 million.

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Then, NANCE STEVEN W sold 13,000 shares, generating $569,140 in total proceeds. Upon selling the shares at $43.78, the Director now owns 24,193 shares.

Before that, NANCE STEVEN W sold 1,201 shares. Ovintiv Inc shares valued at $58,429 were divested by the Director at a price of $48.65 per share. As a result of the transaction, NANCE STEVEN W now holds 20,929 shares, worth roughly $0.91 million.

JP Morgan upgraded its Ovintiv Inc [OVV] rating to an Overweight from a a Neutral in a research note published on , December 06, 2023; the price target was decreased to $58 from $61.

Price Performance Review of OVV

On Tuesday, Ovintiv Inc [NYSE:OVV] saw its stock jump 1.28% to $43.52. Over the last five days, the stock has gained 4.24%. Ovintiv Inc shares have fallen nearly -0.91% since the year began. Nevertheless, the stocks have fallen -15.20% over the past one year. While a 52-week high of $51.60 was reached on 01/03/24, a 52-week low of $32.07 was recorded on 01/18/24. SMA at 50 days reached $43.02, while 200 days put it at $42.49. A total of 2.32 million shares were traded, compared to the trading of 1.42 million shares in the previous session.

Levels Of Support And Resistance For OVV Stock

The 24-hour chart illustrates a support level at 42.67, which if violated will result in even more drops to 41.82. On the upside, there is a resistance level at 44.02. A further resistance level may holdings at 44.51. The Relative Strength Index (RSI) on the 14-day chart is 57.56, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at 1.44, which suggests price will go up in the next trading period. Percent R suggests that price movement has been bullish at 3.64%. Stochastics %K at 94.27% indicates the stock is a selling.

How much short interest is there in Ovintiv Inc?

A steep rise in short interest was recorded in Ovintiv Inc stocks on Jan 11, 2024, dropping by -1.2 million shares to a total of 5.33 million shares. Yahoo Finance data shows the prior-month short interest on Dec 14, 2023 was 6.53 million shares. There was a decline of -22.51%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 2.17% of the overall stock float, the days-to-cover ratio (short ratio) fell to 1.84.

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