Investors can expect a company’s stock to rise or fall based on the buying and selling of stock by its insiders. Ovintiv Inc shares valued at $3,886,413 were sold by Zemljak Renee Ellen on Mar 14 ’24. At $50.96 per share, Zemljak Renee Ellen sold 76,264 shares. The insider’s holdings dropped to 23,672 shares worth approximately $1.3 million following the completion of this transaction.
Also, Moore Rachel Maureen sold 9,300 shares, netting a total of over 471,045 in proceeds. Following the sale of shares at $50.65 each, the insider now holds 52,557 shares.
Before that, Mayson Howard John had sold 6,000 shares from its account. In a trade valued at $303,360, the Director traded Ovintiv Inc shares for $50.56 each. Upon closing the transaction, the insider’s holdings decreased to 6,000 shares, worth approximately $2.02 million.
As published in their initiating research note from Barclays on April 10, 2024, Ovintiv Inc [OVV] has been an Overweight and the price target has been revised to $69. Analysts at JP Morgan upgraded the stock from ‘”a Neutral”‘ to ‘”an Overweight”‘ outlook in a report released in early December. As of November 22, 2023, Citigroup has increased its “Neutral” rating to a “Buy” for OVV.
Analyzing OVV Stock Performance
During the last five days, there has been a surge of approximately 0.70%. Over the course of the year, Ovintiv Inc shares have jumped approximately 24.91%. Shares of the company reached a 52-week high of $55.95 on 04/10/24 and a 52-week low of $39.68 on 01/18/24. A 50-day SMA is recorded $48.49, while a 200-day SMA reached $45.72. Nevertheless, trading volume fell to 2.72 million shares from 2.81 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 54.14, which, if violated, would cause prices to drop to 53.43. In the upper region, resistance lies at 55.59. The next price resistance is at 56.33. RSI (Relative Strength Index) is 72.13 on the 14-day chart, showing overbought technical sentiment. Moving Average Convergence Divergence (MACD) is at 1.96, which suggests the price will increase in the coming days. Percent R is at 21.37%, indicating bullish price movement. Stochastics %K at selling 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 Mar 15, 2024 dropping by -0.47 million shares to 4.74 million. Data from Yahoo Finance shows that the short interest on Feb 15, 2024 was 5.21 million shares. A decline of -9.92% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 1.17 of the overall float, the days-to-cover ratio (short ratio) decline to 1.17.
