Assenagon Asset Management S.A. Grows Stake in Ovintiv Inc. (NYSE:OVV)

Assenagon Asset Management S.A. boosted its stake in Ovintiv Inc. (NYSE:OVV) by 7,422.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,359,014 shares of the company’s stock after buying an additional 1,340,947 shares during the quarter. Assenagon Asset Management S.A.’s holdings in Ovintiv were worth $52,064,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Innealta Capital LLC purchased a new position in shares of Ovintiv in the second quarter valued at approximately $39,000. Geneos Wealth Management Inc. raised its stake in Ovintiv by 53.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after purchasing an additional 300 shares during the last quarter. UMB Bank n.a. lifted its holdings in Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares in the last quarter. Atlas Capital Advisors LLC purchased a new position in Ovintiv in the 1st quarter valued at $74,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Ovintiv during the second quarter worth $69,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

OVV has been the topic of several research reports. Evercore ISI decreased their price target on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. UBS Group lowered their target price on Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Morgan Stanley cut their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Mizuho lowered their price objective on Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Finally, Truist Financial cut their target price on Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $57.00.

Ovintiv Stock Performance

NYSE:OVV opened at $39.81 on Friday. Ovintiv Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The company has a 50 day moving average price of $41.26 and a 200 day moving average price of $45.90. The stock has a market capitalization of $10.49 billion, a P/E ratio of 5.61, a PEG ratio of 7.76 and a beta of 2.61.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.22 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%. Equities research analysts forecast that Ovintiv Inc. will post 4.87 EPS for the current year.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.01%. The ex-dividend date was Friday, September 13th. Ovintiv’s dividend payout ratio is currently 16.93%.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.