Assenagon Asset Management S.A. Has $698,000 Holdings in Ovintiv Inc. (NYSE:OVV)

Assenagon Asset Management S.A. lessened its position in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 98.7% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund 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.

Several other hedge funds also recently made changes to their positions in the company. True Wealth Design LLC raised its stake in Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company's stock worth $25,000 after acquiring an additional 636 shares during the period. UMB Bank n.a. raised its position in shares of Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock worth $50,000 after purchasing an additional 286 shares during the period. Transamerica Financial Advisors Inc. bought a new stake in shares of Ovintiv in the 3rd quarter worth approximately $65,000. Covestor Ltd boosted its position in Ovintiv by 43.9% during the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company's stock valued at $70,000 after purchasing an additional 560 shares during the period. Finally, Abich Financial Wealth Management LLC bought a new position in Ovintiv during the 3rd quarter worth $122,000. Institutional investors and hedge funds own 83.81% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on OVV. Evercore ISI cut their target price on Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a research note on Monday, September 30th. Scotiabank boosted their target price on shares of Ovintiv from $50.00 to $53.00 and gave the company a "sector outperform" rating in a research note on Monday, November 18th. Citigroup dropped their price target on shares of Ovintiv from $55.00 to $54.00 and set a "buy" rating on the stock in a research note on Tuesday, November 26th. Truist Financial boosted their price objective on Ovintiv from $59.00 to $60.00 and gave the stock a "buy" rating in a research report on Monday, January 13th. Finally, Bank of America upgraded Ovintiv from a "neutral" rating to a "buy" rating and lowered their target price for the company from $55.00 to $54.00 in a research report on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Ovintiv currently has an average rating of "Moderate Buy" and an average price target of $56.81.

Ovintiv Trading Down 1.9 %

NYSE OVV traded down $0.85 on Friday, hitting $44.90. 2,309,399 shares of the company were exchanged, compared to its average volume of 2,089,112. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95. The firm has a market capitalization of $11.69 billion, a P/E ratio of 5.96 and a beta of 2.63. The company's 50 day moving average price is $42.67 and its 200-day moving average price is $42.46.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings results on Thursday, November 7th. The company reported $1.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.09 by $0.76. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The business had revenue of $2.32 billion for the quarter, compared to analyst estimates of $2.32 billion. During the same quarter in the previous year, the business earned $1.74 earnings per share. Analysts predict that Ovintiv Inc. will post 5.58 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

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

About Ovintiv

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.