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National Bank of Canada FI has recently decreased its stake in Ovintiv Inc. (TSX:OVV) by 5.9% during the second quarter. According to the latest disclosure to the Securities and Exchange Commission, the firm now holds 17,854 shares of Ovintiv after selling 1,128 shares during the reporting period. The value of National Bank of Canada FI’s holdings in Ovintiv was approximately $835,000 as of the most recent filing.
In addition to National Bank of Canada FI’s adjustments, other institutional investors and hedge funds have also made significant changes to their positions in Ovintiv. For instance, American National Bank established a new position in Ovintiv in the first quarter, valued at approximately $27,000. Similarly, Innealta Capital LLC acquired a new stake during the second quarter with an estimated value of $39,000. Geneos Wealth Management Inc. increased its holdings by 53.4% in the first quarter, owning 862 shares worth about $45,000 after purchasing an additional 300 shares. Creekmur Asset Management LLC and International Assets Investment Management LLC also acquired new positions, with investments valued at around $68,000 and $69,000, respectively. Institutional investors and hedge funds collectively hold 83.81% of Ovintiv’s stock.
Recent research reports have shed light on the outlook for Ovintiv. UBS Group has adjusted its price objective for Ovintiv shares from $66.00 to $61.00, maintaining a “buy” rating in a report dated August 9th. Wolfe Research initiated coverage with an “outperform” rating and a $65.00 price objective on July 18th. TD Cowen raised its price target from $64.00 to $66.00, assigning a “buy” rating in a report on June 10th. Scotiabank also revised its target price from $58.00 to $60.00, while Evercore ISI reiterated an “outperform” rating and set a $60.00 target price in reports earlier in July.
In summary, the stock of Ovintiv Inc. has attracted considerable attention from institutional investors and research analysts alike. While National Bank of Canada FI has reduced its stake, other stakeholders have either increased their holdings or made new investments. The mixed signals from analysts reflect a cautious yet optimistic outlook, with several firms maintaining positive ratings on the stock.
