Allianz Asset Management GmbH Raises Stake in Ovintiv Inc. $OVV

Key Points

• Allianz Asset Management GmbH increased its stake in Ovintiv Inc. by 24.3%, owning approximately 0.58% of the company, valued at nearly $57 million.
• Ovintiv reported a Q2 EPS of $1.02, missing analysts' estimates by $0.02, with revenues of $1.79 billion compared to the forecast of $1.92 billion.
• The company recently announced a quarterly dividend of $0.30, translating to an annual yield of 3.3% and a payout ratio of 53.10%.

Allianz Asset Management GmbH boosted its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 24.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,497,916 shares of the company's stock after buying an additional 292,906 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.58% of Ovintiv worth $56,996,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. IFP Advisors Inc lifted its position in Ovintiv by 316.7% in the second quarter. IFP Advisors Inc now owns 846 shares of the company's stock valued at $32,000 after purchasing an additional 643 shares during the last quarter. Dogwood Wealth Management LLC bought a new stake in Ovintiv in the second quarter valued at approximately $35,000. Harbour Investments Inc. lifted its position in Ovintiv by 143.8% in the first quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after purchasing an additional 542 shares during the last quarter. Gen Wealth Partners Inc lifted its position in Ovintiv by 91.8% in the first quarter. Gen Wealth Partners Inc now owns 1,011 shares of the company's stock valued at $43,000 after purchasing an additional 484 shares during the last quarter. Finally, SVB Wealth LLC bought a new stake in Ovintiv in the first quarter valued at approximately $48,000. Institutional investors own 83.81% of the company's stock.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $35.94 on Friday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. The company has a market cap of $9.24 billion, a PE ratio of 15.90, a P/E/G ratio of 5.36 and a beta of 0.97. The business has a 50 day moving average of $40.46 and a 200 day moving average of $38.64. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $47.18.

Ovintiv (NYSE:OVV - Get Free Report) last announced its earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.02). The business had revenue of $1.79 billion for the quarter, compared to the consensus estimate of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. As a group, equities research analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were issued a $0.30 dividend. The ex-dividend date was Monday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 3.3%. Ovintiv's dividend payout ratio is 53.10%.

Analysts Set New Price Targets

OVV has been the subject of several recent research reports. Barclays lowered their price objective on Ovintiv from $57.00 to $55.00 and set an "overweight" rating for the company in a research report on Tuesday, October 7th. Citigroup set a $54.00 price objective on Ovintiv and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Weiss Ratings restated a "hold (c-)" rating on shares of Ovintiv in a report on Wednesday, October 8th. Scotiabank upped their target price on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a report on Friday, July 11th. Finally, Roth Capital began coverage on Ovintiv in a report on Monday. They set a "neutral" rating and a $42.00 target price for the company. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $51.12.

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.

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