DekaBank Deutsche Girozentrale Lowers Stake in Ovintiv Inc. (NYSE:OVV)

Posted by Defense World Staff on Oct 16th, 2023

DekaBank Deutsche Girozentrale lowered its stake in shares of Ovintiv Inc. (NYSE:OVV – Free Report) by 14.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm 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 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Y Intercept Hong Kong Ltd purchased a new stake in shares of Ovintiv during the 1st quarter valued at $569,000. Harvest Portfolios Group Inc. raised its stake in Ovintiv by 0.9% in the 1st quarter. Harvest Portfolios Group Inc. now owns 34,546 shares of the company’s stock worth $1,246,000 after acquiring an additional 322 shares during the last quarter. Capital Investment Advisors LLC purchased a new position in Ovintiv in the 2nd quarter worth $322,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Ovintiv in the 1st quarter worth $4,183,000. Finally, Seascape Capital Management raised its stake in Ovintiv by 0.8% in the 1st quarter. Seascape Capital Management now owns 62,494 shares of the company’s stock worth $2,255,000 after acquiring an additional 493 shares during the last quarter. Hedge funds and other institutional investors own 98.30% of the company’s stock.

Analysts Set New Price Targets

OVV has been the subject of a number of research analyst reports. National Bankshares raised their target price on Ovintiv from $59.00 to $69.00 and gave the stock an “outperform” rating in a research note on Thursday. National Bank Financial raised their target price on Ovintiv from $59.00 to $69.00 in a research note on Thursday. Citigroup raised their target price on Ovintiv from $40.00 to $48.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 1st. Wells Fargo & Company increased their price target on Ovintiv from $36.00 to $39.00 in a research report on Friday, July 7th. Finally, Mizuho increased their price target on Ovintiv from $65.00 to $67.00 and gave the stock a “buy” rating in a research report on Monday, September 18th. Eight equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and an average price target of $58.70.

Get Our Latest Stock Report on Ovintiv

Ovintiv Trading Up 2.7 %

OVV opened at $49.84 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.45 and a quick ratio of 0.45. The company’s 50 day simple moving average is $47.34 and its two-hundred day simple moving average is $41.07. Ovintiv Inc. has a 1-year low of $32.07 and a 1-year high of $59.10. The firm 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.

Ovintiv (NYSE:OVV – Get Free Report) last released its earnings results on Thursday, July 27th. The company reported $0.93 earnings per share 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 business had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.11 billion. Analysts expect that Ovintiv Inc. will post 6.5 EPS for the current fiscal year.

Ovintiv Dividend Announcement

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

Insider Activity

In other news, Director Steven W. Nance sold 1,201 shares of Ovintiv stock in a transaction that occurred on 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 owns 20,929 shares of the company’s stock, valued at approximately $1,018,195.85. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 1.70% of the company’s stock.

Ovintiv Profile

(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.