Assenagon Asset Management S.A. increased its position in shares of Ovintiv Inc. (NYSE:OVV – Free Report) by 2,407.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 339,797 shares of the company’s stock after acquiring an additional 326,247 shares during the quarter. Assenagon Asset Management S.A. owned about 0.14% of Ovintiv worth $12,260,000 as of its most recent SEC filing.
A number of other institutional investors have also recently bought and sold shares of the stock. Newbridge Financial Services Group Inc. lifted its stake in Ovintiv by 22.5% in the first quarter. Newbridge Financial Services Group Inc. now owns 2,213 shares of the company’s stock valued at $80,000 after buying an additional 407 shares in the last quarter. Ronald Blue Trust Inc. lifted its stake in Ovintiv by 48.0% in the first quarter. Ronald Blue Trust Inc. now owns 4,472 shares of the company’s stock valued at $227,000 after buying an additional 1,450 shares in the last quarter. AE Wealth Management LLC lifted its stake in Ovintiv by 40.7% in the first quarter. AE Wealth Management LLC now owns 61,432 shares of the company’s stock valued at $2,216,000 after buying an additional 17,774 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in Ovintiv by 0.8% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 50,315 shares of the company’s stock valued at $1,815,000 after buying an additional 399 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC lifted its stake in Ovintiv by 12.7% in the first quarter. Allspring Global Investments Holdings LLC now owns 18,874 shares of the company’s stock valued at $681,000 after buying an additional 2,126 shares in the last quarter. Institutional investors own 76.31% of the company’s stock.
Analyst Upgrades and Downgrades
OVV has been the topic of a number of research reports. Royal Bank of Canada cut their price objective on shares of Ovintiv from $57.00 to $55.00 and set a “sector perform” rating on the stock in a research report on Tuesday, April 4th. UBS Group initiated coverage on shares of Ovintiv in a research report on Wednesday, April 19th. They issued a “buy” rating and a $52.00 price objective on the stock. BMO Capital Markets lowered shares of Ovintiv from an “outperform” rating to a “market perform” rating and cut their price objective for the stock from $56.00 to $51.00 in a research report on Tuesday, March 7th. Truist Financial boosted their price objective on shares of Ovintiv from $56.00 to $61.00 and gave the stock a “buy” rating in a research report on Tuesday, April 11th. Finally, National Bankshares cut their price objective on shares of Ovintiv from $61.00 to $60.00 in a research report on Thursday. Seven research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $57.11.
Ovintiv Price Performance
Ovintiv (NYSE:OVV – Free Report) last issued its quarterly earnings data on Tuesday, May 9th. The company reported $1.82 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.01). The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.34 billion. Ovintiv had a net margin of 33.45% and a return on equity of 23.98%. Equities analysts forecast that Ovintiv Inc. will post 7.26 EPS for the current year.
Ovintiv Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Friday, June 30th. Investors of record on Thursday, June 15th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 3.15%. This is a positive change from Ovintiv’s previous quarterly dividend of $0.25. The ex-dividend date was Wednesday, June 14th. Ovintiv’s dividend payout ratio (DPR) is currently 7.01%.
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. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's 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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