Deutsche Bank AG Decreases Holdings in Ovintiv Inc. (NYSE:OVV)

Deutsche Bank AG cut its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 43.0% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 386,650 shares of the company's stock after selling 291,655 shares during the quarter. Deutsche Bank AG owned approximately 0.15% of Ovintiv worth $15,659,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Colonial Trust Co SC purchased a new stake in shares of Ovintiv during the 4th quarter valued at about $28,000. MassMutual Private Wealth & Trust FSB lifted its position in shares of Ovintiv by 100.8% during the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock valued at $29,000 after buying an additional 360 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in Ovintiv by 71.3% in the 4th quarter. Smartleaf Asset Management LLC now owns 805 shares of the company's stock worth $32,000 after purchasing an additional 335 shares in the last quarter. Optiver Holding B.V. purchased a new stake in shares of Ovintiv during the 4th quarter valued at about $40,000. Finally, Mizuho Bank Ltd. purchased a new stake in Ovintiv in the fourth quarter worth $40,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. National Bankshares lifted their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a research report on Thursday, January 30th. Barclays lowered their price target on shares of Ovintiv from $59.00 to $53.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Mizuho lowered their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Tuesday, May 13th. BMO Capital Markets upgraded Ovintiv from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. Finally, Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. Two research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $55.65.

Ovintiv Stock Down 0.7%

Shares of OVV stock traded down $0.27 during trading hours on Monday, reaching $37.06. 2,631,442 shares of the stock were exchanged, compared to its average volume of 3,235,097. The firm has a market capitalization of $9.63 billion, a P/E ratio of 4.92 and a beta of 1.14. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $51.72. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The business's fifty day moving average is $37.02 and its two-hundred day moving average is $40.59.

Ovintiv (NYSE:OVV - Get Free Report) last announced its earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.20 by $0.22. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The business had revenue of $2.38 billion for the quarter, compared to analyst estimates of $2.23 billion. As a group, research analysts expect that Ovintiv Inc. will post 5.59 EPS for the current fiscal year.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.24%. Ovintiv's payout ratio is currently 51.06%.

Ovintiv 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.