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Same player, new name: Encana now Ovintiv

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Same player, new name: Encana now Ovintiv

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Encana’s corporate relocation and rebranding announced in October became official on Monday when the company announced it is now domiciled in the U.S. and has adopted the new name Ovintiv Inc.

Previously one of Canada’s oldest and largest oil companies, Encana has relocated from Canada to Denver, Colo. The company merged with Newfield two years ago, one of the earliest players in Oklahoma’s STACK oil play, which includes Kingfisher County.

The reorganization approved by more than 90% of shareholders also included a share exchange of one share of Ovintiv common stock for every five common shares of Encana.

The shares of common stock of Ovintiv began trading on New York Stock Exchange and the Toronto Stock Exchange on Monday, under the symbol “OVV” and trading of Encana common shares was suspended as of the same day.

Ovintiv was trading at $17.34 a share Tuesday morning and the median 12-month price forecast by 27 stock analysts is $26.27 per share, with a high of $50 and a low of $6.50, according to CNN Business online.

Cindy Hassler, Ovintiv’s communications director, said the company was hosting an information day in Oklahoma City this week for investors specifically about development activity in the STACK and a webcast about its activities in the Anadarko Basin.