Ovintiv Inc. (NYSE:OVV) Shares Bought by Citigroup Inc.

Citigroup Inc. boosted its stake in shares of Ovintiv Inc. (NYSE:OVV) by 3.5% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 450,565 shares of the company’s stock after purchasing an additional 15,066 shares during the period. Citigroup Inc. owned approximately 0.17% of Ovintiv worth $17,261,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its position in Ovintiv by 7.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,868,627 shares of the company’s stock worth $71,587,000 after purchasing an additional 133,192 shares in the last quarter. Banco Santander S.A. purchased a new stake in Ovintiv during the third quarter worth $488,000. Pacer Advisors Inc. grew its position in Ovintiv by 11,282.4% during the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after buying an additional 6,486,159 shares during the period. Advisors Asset Management Inc. increased its holdings in Ovintiv by 88.3% in the third quarter. Advisors Asset Management Inc. now owns 11,337 shares of the company’s stock valued at $434,000 after buying an additional 5,315 shares in the last quarter. Finally, B. Metzler seel. Sohn & Co. Holding AG acquired a new position in shares of Ovintiv in the third quarter worth about $215,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on OVV shares. Scotiabank upped their price target on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a report on Monday, November 18th. Citigroup decreased their target price on Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday. Barclays boosted their price target on shares of Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a report on Friday, November 15th. Truist Financial increased their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a report on Friday, November 15th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and a consensus price target of $56.65.

Ovintiv Stock Performance

NYSE:OVV opened at $45.49 on Thursday. The firm’s fifty day simple moving average is $41.74 and its 200 day simple moving average is $44.14. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95. The firm has a market capitalization of $11.84 billion, a price-to-earnings ratio of 6.03 and a beta of 2.62.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.64%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s payout ratio is 15.92%.

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.