Assenagon Asset Management S.A. Purchases 1,340,947 Shares of Ovintiv Inc. (NYSE:OVV)

Assenagon Asset Management S.A. boosted its holdings in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 7,422.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,359,014 shares of the company's stock after purchasing an additional 1,340,947 shares during the period. Assenagon Asset Management S.A. owned 0.52% of Ovintiv worth $52,064,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Impact Partnership Wealth LLC acquired a new stake in Ovintiv during the 3rd quarter valued at $432,000. International Assets Investment Management LLC boosted its holdings in Ovintiv by 5,704.0% during the third quarter. International Assets Investment Management LLC now owns 85,087 shares of the company's stock worth $3,260,000 after buying an additional 83,621 shares during the last quarter. Raymond James & Associates grew its position in shares of Ovintiv by 1.2% during the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company's stock worth $7,529,000 after buying an additional 2,275 shares during the period. Blue Trust Inc. increased its stake in shares of Ovintiv by 120.2% in the 3rd quarter. Blue Trust Inc. now owns 3,949 shares of the company's stock valued at $151,000 after acquiring an additional 2,156 shares during the last quarter. Finally, Creative Planning raised its position in shares of Ovintiv by 3.8% in the 3rd quarter. Creative Planning now owns 33,244 shares of the company's stock valued at $1,274,000 after acquiring an additional 1,203 shares during the period. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Stock Up 1.5 %

NYSE:OVV traded up $0.58 on Friday, hitting $40.39. 3,053,379 shares of the company's stock were exchanged, compared to its average volume of 3,087,335. The firm has a 50-day moving average price of $41.18 and a 200-day moving average price of $45.85. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95. The company has a market cap of $10.78 billion, a P/E ratio of 5.66, a price-to-earnings-growth ratio of 7.76 and a beta of 2.61.

Ovintiv (NYSE:OVV - Get Free Report) last issued its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, topping the consensus estimate of $1.22 by $0.02. The firm had revenue of $2.29 billion for the quarter, compared to analysts' expectations of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. As a group, analysts expect that Ovintiv Inc. will post 4.87 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.30 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.97%. Ovintiv's payout ratio is 16.76%.

Analyst Upgrades and Downgrades

OVV has been the subject of several research analyst reports. Royal Bank of Canada decreased their price target on shares of Ovintiv from $62.00 to $61.00 and set a "sector perform" rating for the company in a report on Thursday, August 1st. Wolfe Research initiated coverage on shares of Ovintiv in a report on Thursday, July 18th. They issued an "outperform" rating and a $65.00 price target for the company. Morgan Stanley decreased their price target on shares of Ovintiv from $53.00 to $51.00 and set an "equal weight" rating for the company in a report on Monday, September 16th. Citigroup decreased their price target on shares of Ovintiv from $58.00 to $55.00 and set a "buy" rating for the company in a report on Monday, October 7th. Finally, Wells Fargo & Company decreased their price target on shares of Ovintiv from $51.00 to $42.00 and set an "equal weight" rating for the company in a report on Tuesday, October 1st. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $57.00.

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.