Deutsche Bank AG Decreases Holdings in Ovintiv Inc. (NYSE:OVV)

Deutsche Bank AG cut its stake in shares of Ovintiv Inc. (NYSE:OVV) by 43.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 386,650 shares of the company’s stock after selling 291,655 shares during the period. Deutsche Bank AG owned about 0.15% of Ovintiv worth $15,659,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in Ovintiv by 1.6% during the 4th quarter. Vanguard Group Inc. now owns 29,463,495 shares of the company’s stock valued at $1,193,272,000 after buying an additional 451,947 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Ovintiv by 14.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 5,562,238 shares of the company’s stock worth $225,265,000 after purchasing an additional 683,700 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Ovintiv by 1,732.9% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company’s stock worth $137,134,000 after purchasing an additional 3,203,087 shares in the last quarter. AQR Capital Management LLC increased its stake in shares of Ovintiv by 69.7% in the 4th quarter. AQR Capital Management LLC now owns 3,283,743 shares of the company’s stock worth $132,992,000 after purchasing an additional 1,348,221 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in shares of Ovintiv by 0.3% in the 4th quarter. Bank of New York Mellon Corp now owns 2,926,669 shares of the company’s stock worth $118,530,000 after purchasing an additional 8,168 shares in the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Stock Down 3.5%

OVV opened at $37.63 on Friday. The firm has a 50-day simple moving average of $37.05 and a two-hundred day simple moving average of $40.58. Ovintiv Inc. has a 52 week low of $29.80 and a 52 week high of $51.72. The company has a market capitalization of $9.78 billion, a PE ratio of 4.99 and a beta of 1.14. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.22. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. The firm had revenue of $2.38 billion during the quarter, compared to the consensus estimate of $2.23 billion. Analysts forecast that Ovintiv Inc. will post 5.59 earnings per share for the current fiscal year.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 13th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 3.19%. The ex-dividend date of this dividend is Friday, June 13th. Ovintiv’s payout ratio is currently 51.06%.

Wall Street Analyst Weigh In

OVV has been the subject of several analyst reports. Williams Trading set a $58.00 price objective on Ovintiv in a research note on Wednesday, March 5th. National Bankshares upped their price objective on Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. Morgan Stanley restated an “overweight” rating and issued a $50.00 price objective on shares of Ovintiv in a research note on Tuesday, April 15th. Scotiabank upgraded Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th. Finally, BMO Capital Markets upgraded Ovintiv from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $55.00 to $57.00 in a research note on Monday, March 24th. Two equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Buy” and a consensus price target of $55.65.

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.