Allianz Asset Management GmbH Raises Position in Ovintiv Inc. (NYSE:OVV)

Allianz Asset Management GmbH raised its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 35.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,205,010 shares of the company's stock after purchasing an additional 314,974 shares during the period. Allianz Asset Management GmbH owned 0.46% of Ovintiv worth $51,574,000 at the end of the most recent quarter.

Other large investors have also made changes to their positions in the company. Gallacher Capital Management LLC grew its holdings in shares of Ovintiv by 19.6% during the first quarter. Gallacher Capital Management LLC now owns 15,024 shares of the company's stock valued at $643,000 after buying an additional 2,462 shares during the last quarter. Kestra Private Wealth Services LLC grew its holdings in shares of Ovintiv by 9.2% during the first quarter. Kestra Private Wealth Services LLC now owns 5,737 shares of the company's stock valued at $246,000 after buying an additional 482 shares during the last quarter. Impact Partnership Wealth LLC purchased a new stake in shares of Ovintiv during the first quarter valued at $386,000. Allegiance Financial Group Advisory Services LLC purchased a new stake in shares of Ovintiv during the first quarter valued at $267,000. Finally, Napatree Capital LLC grew its holdings in shares of Ovintiv by 22.1% during the first quarter. Napatree Capital LLC now owns 12,265 shares of the company's stock valued at $525,000 after buying an additional 2,219 shares during the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Price Performance

Shares of NYSE:OVV traded up $1.41 during trading on Friday, reaching $41.40. 5,744,041 shares of the company's stock traded hands, compared to its average volume of 3,012,459. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $48.35. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.44. The firm has a market cap of $10.76 billion, a PE ratio of 18.32, a P/E/G ratio of 2.31 and a beta of 1.08. The company has a 50-day simple moving average of $39.05 and a 200-day simple moving average of $39.60.

Ovintiv (NYSE:OVV - Get Free Report) last posted 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). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The business had revenue of $1.79 billion for the quarter, compared to analyst estimates of $1.92 billion. As a group, analysts predict that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Monday, September 15th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.90%. The ex-dividend date of this dividend is Monday, September 15th. Ovintiv's dividend payout ratio (DPR) is presently 53.10%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on OVV shares. Morgan Stanley reissued an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a report on Tuesday, April 15th. Wells Fargo & Company dropped their price objective on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a report on Monday, June 16th. TD Cowen raised shares of Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, The Goldman Sachs Group raised shares of Ovintiv from a "neutral" rating to a "buy" rating and boosted their price objective for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, Ovintiv presently has a consensus rating of "Buy" and an average target price of $53.94.

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.