Ovintiv Inc. (NYSE:OVV) Shares Sold by DekaBank Deutsche Girozentrale

Posted by Defense World Staff on Oct 16th, 2023

DekaBank Deutsche Girozentrale trimmed its position in shares of Ovintiv Inc. (NYSE:OVV – Free Report) by 14.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 19,152 shares of the company’s stock after selling 3,359 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Ovintiv were worth $717,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the stock. State of Alaska Department of Revenue acquired a new position in Ovintiv during the 2nd quarter worth $1,153,000. Creative Planning grew its holdings in Ovintiv by 49.1% during the 2nd quarter. Creative Planning now owns 24,112 shares of the company’s stock worth $918,000 after acquiring an additional 7,941 shares in the last quarter. Miller Howard Investments Inc. NY grew its holdings in Ovintiv by 0.7% during the 2nd quarter. Miller Howard Investments Inc. NY now owns 72,385 shares of the company’s stock worth $2,756,000 after acquiring an additional 520 shares in the last quarter. River Road Asset Management LLC grew its holdings in Ovintiv by 4.5% during the 2nd quarter. River Road Asset Management LLC now owns 357,229 shares of the company’s stock worth $13,600,000 after acquiring an additional 15,431 shares in the last quarter. Finally, Apeiron RIA LLC acquired a new position in Ovintiv during the 2nd quarter worth $260,000. 98.30% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have weighed in on OVV. The Goldman Sachs Group began coverage on shares of Ovintiv in a report on Wednesday, July 12th. They set a “neutral” rating for the company. Evercore ISI reduced their price target on shares of Ovintiv from $42.00 to $39.00 in a research report on Monday, July 10th. Royal Bank of Canada raised their price target on shares of Ovintiv from $47.00 to $50.00 and gave the stock a “sector perform” rating in a research report on Tuesday, October 10th. Citigroup raised their price target on shares of Ovintiv from $40.00 to $48.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 1st. Finally, Truist Financial raised their price target on shares of Ovintiv from $52.00 to $54.00 and gave the stock a “buy” rating in a research report on Monday, July 31st. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and an average price target of $58.70.

Read Our Latest Research Report on OVV

Ovintiv Stock Up 2.7 %

OVV stock opened at $49.84 on Monday. Ovintiv Inc. has a 52 week low of $32.07 and a 52 week high of $59.10. The company has a market capitalization of $13.65 billion, a price-to-earnings ratio of 3.76, a price-to-earnings-growth ratio of 0.50 and a beta of 2.76. The firm’s 50-day moving average is $47.34 and its two-hundred day moving average is $41.07. The company has a current ratio of 0.45, a quick ratio of 0.45 and a debt-to-equity ratio of 0.59.

Ovintiv (NYSE:OVV – Get Free Report) last released its quarterly earnings results on Thursday, July 27th. The company reported $0.93 EPS for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. Ovintiv had a net margin of 28.27% and a return on equity of 16.27%. The company had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.11 billion. On average, analysts forecast that Ovintiv Inc. will post 6.5 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Friday, September 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, September 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.41%. Ovintiv’s dividend payout ratio (DPR) is 9.06%.

Insiders Place Their Bets

In other Ovintiv news, Director Steven W. Nance sold 1,201 shares of the business’s stock in a transaction dated Thursday, August 3rd. The shares were sold at an average price of $48.65, for a total transaction of $58,428.65. Following the sale, the director now directly owns 20,929 shares in the company, valued at approximately $1,018,195.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 1.70% of the stock is owned by insiders.

About Ovintiv

(Free Report)

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.