DekaBank Deutsche Girozentrale Increases Stock Position in Ovintiv Inc. (NYSE:OVV)

DekaBank Deutsche Girozentrale lifted its holdings in Ovintiv Inc. (NYSE:OVV - Free Report) by 290.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 79,845 shares of the company's stock after buying an additional 59,379 shares during the period. DekaBank Deutsche Girozentrale's holdings in Ovintiv were worth $3,503,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of OVV. Quent Capital LLC boosted its position in Ovintiv by 151.3% during the 4th quarter. Quent Capital LLC now owns 583 shares of the company's stock worth $26,000 after acquiring an additional 351 shares during the period. Loomis Sayles & Co. L P grew its position in Ovintiv by 107.6% during the third quarter. Loomis Sayles & Co. L P now owns 658 shares of the company's stock valued at $31,000 after purchasing an additional 341 shares in the last quarter. Belpointe Asset Management LLC increased its stake in Ovintiv by 62.5% in the 1st quarter. Belpointe Asset Management LLC now owns 931 shares of the company's stock valued at $34,000 after buying an additional 358 shares during the period. Penserra Capital Management LLC purchased a new stake in Ovintiv in the 3rd quarter worth approximately $36,000. Finally, Pacifica Partners Inc. acquired a new stake in shares of Ovintiv during the 4th quarter valued at $37,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Performance

Shares of OVV stock traded down $1.12 during trading hours on Friday, reaching $53.74. 3,575,533 shares of the company's stock were exchanged, compared to its average volume of 3,464,210. Ovintiv Inc. has a fifty-two week low of $32.07 and a fifty-two week high of $55.95. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $14.45 billion, a P/E ratio of 6.81 and a beta of 2.65. The business has a fifty day moving average price of $48.98 and a 200-day moving average price of $46.24.

Ovintiv (NYSE:OVV - Get Free Report) last announced its earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.94 by $0.41. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. The business had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Analysts predict that Ovintiv Inc. will post 6.25 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.23%. The ex-dividend date of this dividend was Thursday, March 14th. Ovintiv's dividend payout ratio is currently 15.21%.

Insider Activity at Ovintiv

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the business's stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the transaction, the executive vice president now directly owns 23,672 shares in the company, valued at $1,206,325.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Ovintiv news, Director Howard John Mayson sold 6,000 shares of Ovintiv stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $50.56, for a total transaction of $303,360.00. Following the sale, the director now directly owns 36,840 shares of the company's stock, valued at $1,862,630.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the completion of the transaction, the executive vice president now directly owns 23,672 shares of the company's stock, valued at $1,206,325.12. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,564 shares of company stock worth $4,660,818. Company insiders own 1.70% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently weighed in on OVV. Royal Bank of Canada upped their price target on shares of Ovintiv from $48.00 to $49.00 and gave the stock a "sector perform" rating in a research note on Thursday, February 29th. Morgan Stanley boosted their price target on Ovintiv from $48.00 to $49.00 and gave the company an "equal weight" rating in a research note on Thursday, March 28th. The Goldman Sachs Group raised their price objective on shares of Ovintiv from $47.00 to $56.00 and gave the company a "neutral" rating in a research report on Tuesday, March 26th. UBS Group boosted their target price on shares of Ovintiv from $62.00 to $69.00 and gave the stock a "buy" rating in a research report on Thursday. Finally, Wells Fargo & Company cut their price target on shares of Ovintiv from $46.00 to $44.00 and set an "equal weight" rating on the stock in a report on Wednesday, January 17th. Four analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Ovintiv currently has an average rating of "Moderate Buy" and a consensus target price of $56.47.

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.