Citigroup Inc. Buys 176,882 Shares of Ovintiv Inc. (NYSE:OVV)

Citigroup Inc. boosted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 216.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 258,676 shares of the company’s stock after buying an additional 176,882 shares during the period. Citigroup Inc. owned approximately 0.11% of Ovintiv worth $9,333,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of OVV. Smead Capital Management Inc. purchased a new stake in Ovintiv during the 4th quarter valued at about $201,837,000. Invesco Ltd. grew its position in Ovintiv by 321.3% during the 1st quarter. Invesco Ltd. now owns 2,396,829 shares of the company’s stock valued at $129,597,000 after purchasing an additional 1,827,966 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Ovintiv by 63.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,950,457 shares of the company’s stock valued at $213,604,000 after acquiring an additional 1,530,397 shares in the last quarter. Pacer Advisors Inc. boosted its stake in Ovintiv by 73.0% during the 1st quarter. Pacer Advisors Inc. now owns 2,707,060 shares of the company’s stock valued at $97,671,000 after purchasing an additional 1,142,624 shares during the last quarter. Finally, Mariner LLC boosted its stake in Ovintiv by 3,630.2% during the 1st quarter. Mariner LLC now owns 891,711 shares of the company’s stock valued at $48,216,000 after purchasing an additional 867,806 shares during the last quarter. 98.30% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Stock Up 0.2 %

OVV stock opened at $47.34 on Thursday. Ovintiv Inc. has a twelve month low of $32.07 and a twelve month high of $59.10. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.59. The stock has a market cap of $12.96 billion, a P/E ratio of 3.58, a PEG ratio of 0.56 and a beta of 2.81. The business’s 50-day moving average price is $43.09 and its 200-day moving average price is $39.64.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Thursday, July 27th. The company reported $0.93 EPS for the quarter, beating the consensus estimate of $0.91 by $0.02. The firm had revenue of $2.52 billion for the quarter, compared to the consensus estimate of $2.11 billion. Ovintiv had a net margin of 28.27% and a return on equity of 16.27%. On average, equities research analysts forecast that Ovintiv Inc. will post 6.38 EPS for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Friday, September 15th will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Thursday, September 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.53%. Ovintiv’s payout ratio is 9.06%.

Insider Buying and Selling

In related news, Director Steven W. Nance sold 1,201 shares of the stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $48.65, for a total transaction of $58,428.65. Following the completion of the sale, the director now owns 20,929 shares in the company, valued at $1,018,195.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.91% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the company. Truist Financial upped their price target on Ovintiv from $52.00 to $54.00 and gave the company a “buy” rating in a report on Monday, July 31st. Wells Fargo & Company raised their price target on shares of Ovintiv from $36.00 to $39.00 in a report on Friday, July 7th. Royal Bank of Canada boosted their price objective on shares of Ovintiv from $46.00 to $47.00 and gave the company a “sector perform” rating in a report on Monday, July 31st. Citigroup raised their target price on shares of Ovintiv from $40.00 to $48.00 and gave the stock a “neutral” rating in a report on Tuesday, August 1st. Finally, Mizuho boosted their target price on shares of Ovintiv from $62.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, August 16th. Eight investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and an average price target of $57.47.

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. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.