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A company insider recently sold 4,000 shares of Ovintiv Inc [OVV]. Should You Sale?

The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Ovintiv Inc shares valued at $204,560 were sold by Mayson Howard John on May 31 ’24. At $51.14 per share, Mayson Howard John sold 4,000 shares. The insider’s holdings dropped to 45,279 shares worth approximately $2.18 million following the completion of this transaction.

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Also, Chhina Sippy purchased 1,600 shares, netting a total of over 79,200 in proceeds. Following the buying of shares at $49.50 each, the insider now holds 1,600 shares.

Before that, NANCE STEVEN W had sold 12,000 shares from its account. In a trade valued at $600,000, the Director traded Ovintiv Inc shares for $50.00 each. Upon closing the transaction, the insider’s holdings decreased to 12,000 shares, worth approximately $0.43 million.

As published in a research note from Evercore ISI on June 14, 2024, Ovintiv Inc [OVV] has been rated up from an In-line to an Outperform and the price target has been revised to $60. Analysts at Barclays started covering the stock with ‘”an Overweight”‘ outlook in a report released in early April. As of December 06, 2023, JP Morgan has increased its “Neutral” rating to a “an Overweight” for OVV. Earlier on November 22, 2023, Citigroup upgraded its rating. Their new recommendation was “a Buy” for OVV stock which previously was a “a Neutral”.

Analyzing OVV Stock Performance

During the last five days, there has been a surge of approximately 4.50%. Over the course of the year, Ovintiv Inc shares have jumped approximately 9.38%. 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 $49.14, while a 200-day SMA reached $47.18. Nevertheless, trading volume fell to 1.56 million shares from 2.04 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 47.08, which, if violated, would cause prices to drop to 46.36. In the upper region, resistance lies at 48.41. The next price resistance is at 49.02. RSI (Relative Strength Index) is 52.44 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.66, which suggests the price will decrease in the coming days. Percent R is at 17.20%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.

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