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

Deutsche Bank AG grew its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 79.9% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 695,440 shares of the company's stock after buying an additional 308,790 shares during the period. Deutsche Bank AG owned 0.27% of Ovintiv worth $29,765,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in OVV. Vanguard Group Inc. raised its stake in shares of Ovintiv by 3.3% during the 1st quarter. Vanguard Group Inc. now owns 30,423,206 shares of the company's stock worth $1,302,113,000 after buying an additional 959,711 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Ovintiv by 383.8% during the first quarter. Charles Schwab Investment Management Inc. now owns 9,258,570 shares of the company's stock worth $396,267,000 after acquiring an additional 7,344,796 shares during the period. Dimensional Fund Advisors LP grew its holdings in Ovintiv by 14.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company's stock worth $225,265,000 after acquiring an additional 683,700 shares during the period. AQR Capital Management LLC raised its position in Ovintiv by 69.7% in the fourth quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company's stock worth $132,992,000 after acquiring an additional 1,348,221 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in Ovintiv by 0.6% in the first quarter. Bank of New York Mellon Corp now owns 2,945,159 shares of the company's stock valued at $126,053,000 after acquiring an additional 18,490 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. Barclays boosted their target price on shares of Ovintiv from $55.00 to $57.00 and gave the stock an "overweight" rating in a research report on Friday, July 25th. Citigroup set a $54.00 target price on shares of Ovintiv and gave the stock a "buy" rating in a research report on Wednesday, July 2nd. The Goldman Sachs Group upgraded shares of Ovintiv from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $47.00 to $51.00 in a research report on Tuesday, July 1st. TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Finally, Scotiabank boosted their target price on shares of Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a research report on Friday, July 11th. One investment analyst has rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $53.47.

Ovintiv Price Performance

Ovintiv stock traded up $0.37 during mid-day trading on Thursday, hitting $39.87. 1,964,174 shares of the company were exchanged, compared to its average volume of 3,514,941. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. The business's 50 day simple moving average is $40.05 and its two-hundred day simple moving average is $39.22. The company has a market capitalization of $10.25 billion, a P/E ratio of 7.00, a PEG ratio of 4.78 and a beta of 1.10. Ovintiv Inc. has a 12-month low of $29.80 and a 12-month high of $47.18.

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

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Monday, September 15th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 3.0%. The ex-dividend date is Monday, September 15th. Ovintiv's dividend payout ratio is 53.10%.

About Ovintiv

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.