Allianz Asset Management GmbH Purchases 292,906 Shares of Ovintiv Inc. $OVV

Allianz Asset Management GmbH boosted its position in Ovintiv Inc. (NYSE:OVV) by 24.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,497,916 shares of the company’s stock after purchasing an additional 292,906 shares during the quarter. Allianz Asset Management GmbH’s holdings in Ovintiv were worth $56,996,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in OVV. Ritholtz Wealth Management purchased a new stake in shares of Ovintiv in the second quarter worth $850,000. NorthRock Partners LLC purchased a new stake in shares of Ovintiv in the second quarter worth $208,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Ovintiv in the second quarter worth $720,000. Aberdeen Group plc grew its stake in shares of Ovintiv by 17.2% in the second quarter. Aberdeen Group plc now owns 10,747 shares of the company’s stock worth $409,000 after acquiring an additional 1,579 shares during the last quarter. Finally, IFP Advisors Inc grew its stake in shares of Ovintiv by 316.7% in the second quarter. IFP Advisors Inc now owns 846 shares of the company’s stock worth $32,000 after acquiring an additional 643 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently commented on OVV. Citigroup set a $54.00 target price on Ovintiv and gave the stock a “buy” rating in a research note on Wednesday, July 2nd. UBS Group increased their target price on Ovintiv from $51.00 to $52.00 and gave the stock a “buy” rating in a research note on Wednesday, August 20th. Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a research note on Wednesday, October 8th. TD Cowen raised Ovintiv to a “strong-buy” rating in a research note on Monday, July 7th. Finally, Mizuho dropped their price objective on Ovintiv from $58.00 to $50.00 and set an “outperform” rating on the stock in a research report on Monday, September 15th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $51.12.

Ovintiv Trading Down 1.4%

Ovintiv stock opened at $35.94 on Friday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.43 and a quick ratio of 0.43. Ovintiv Inc. has a one year low of $29.80 and a one year high of $47.18. The stock has a market capitalization of $9.24 billion, a PE ratio of 15.90, a price-to-earnings-growth ratio of 5.36 and a beta of 0.97. The business’s fifty day moving average is $40.46 and its 200 day moving average is $38.64.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). The business had revenue of $1.79 billion for the quarter, compared to analysts’ expectations of $1.92 billion. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. On average, sell-side analysts predict that Ovintiv Inc. will post 5.59 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Monday, September 15th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend was Monday, September 15th. Ovintiv’s dividend payout ratio (DPR) is presently 53.10%.

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.