Allianz Asset Management GmbH Buys 114,534 Shares of Ovintiv Inc. (NYSE:OVV)

Allianz Asset Management GmbH grew its stake in shares of Ovintiv Inc. (NYSE:OVV) by 14.8% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund owned 890,036 shares of the company’s stock after buying an additional 114,534 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.34% of Ovintiv worth $36,046,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James & Associates grew its stake in shares of Ovintiv by 1.2% during the third 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 last quarter. Franklin Resources Inc. grew its stake in shares of Ovintiv by 16.0% during the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock worth $11,527,000 after buying an additional 37,341 shares during the last quarter. Smead Capital Management Inc. grew its stake in shares of Ovintiv by 3.5% during the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after buying an additional 212,535 shares during the last quarter. Retirement Systems of Alabama grew its stake in shares of Ovintiv by 4.4% during the third quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock worth $12,288,000 after buying an additional 13,536 shares during the last quarter. Finally, Entropy Technologies LP grew its stake in shares of Ovintiv by 319.9% during the third quarter. Entropy Technologies LP now owns 149,457 shares of the company’s stock worth $5,726,000 after buying an additional 113,866 shares during the last quarter. Institutional investors own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the stock. National Bankshares boosted their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, January 30th. UBS Group reduced their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Truist Financial boosted their price objective on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Mizuho reduced their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Finally, Wells Fargo & Company reduced their price objective on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, December 17th. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and a consensus price target of $56.88.

Ovintiv Price Performance

OVV stock opened at $43.33 on Monday. The stock has a market capitalization of $11.28 billion, a PE ratio of 5.75 and a beta of 2.60. The company’s 50-day moving average is $42.59 and its 200-day moving average is $42.12. 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 1 year low of $36.90 and a 1 year high of $55.95.

Ovintiv Company 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.