Assenagon Asset Management S.A. Sells 1,341,790 Shares of Ovintiv Inc. (NYSE:OVV)

Assenagon Asset Management S.A. reduced its holdings in shares of Ovintiv Inc. (NYSE:OVV) by 98.7% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,224 shares of the company’s stock after selling 1,341,790 shares during the period. Assenagon Asset Management S.A.’s holdings in Ovintiv were worth $698,000 as of its most recent SEC filing.

Other hedge funds have also recently made changes to their positions in the company. True Wealth Design LLC lifted its stake in Ovintiv by 3,180.0% in the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock valued at $25,000 after buying an additional 636 shares during the period. UMB Bank n.a. increased its stake in shares of Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after acquiring an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. acquired a new position in shares of Ovintiv during the 3rd quarter valued at $65,000. Covestor Ltd grew its holdings in Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock worth $70,000 after purchasing an additional 560 shares during the period. Finally, Abich Financial Wealth Management LLC bought a new stake in Ovintiv in the third quarter valued at $122,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Stock Down 1.9 %

OVV stock opened at $44.90 on Friday. The stock has a fifty day moving average of $42.64 and a 200-day moving average of $42.47. Ovintiv Inc. has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The company has a market capitalization of $11.69 billion, a price-to-earnings ratio of 5.96 and a beta of 2.63. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Thursday, November 7th. The company reported $1.85 EPS for the quarter, beating the consensus estimate of $1.09 by $0.76. The business had revenue of $2.32 billion for the quarter, compared to the consensus estimate of $2.32 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. During the same period in the prior year, the firm earned $1.74 earnings per share. As a group, equities research analysts predict that Ovintiv Inc. will post 5.58 earnings per share for the current year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.67%. The ex-dividend date was Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Analyst Ratings Changes

Several brokerages have recently commented on OVV. Scotiabank raised their target price on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday, November 18th. Citigroup decreased their price objective on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Truist Financial boosted their price target on shares of Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a research note on Monday, January 13th. Finally, Evercore ISI lowered their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Ovintiv has a consensus rating of “Moderate Buy” and a consensus price target of $56.81.

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. 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.