Citigroup Inc. Buys 15,066 Shares of Ovintiv Inc. (NYSE:OVV)

Citigroup Inc. grew its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 3.5% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 450,565 shares of the company's stock after acquiring an additional 15,066 shares during the quarter. Citigroup Inc. owned 0.17% of Ovintiv worth $17,261,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of OVV. Innealta Capital LLC bought a new stake in Ovintiv in the second quarter valued at approximately $39,000. UMB Bank n.a. increased its position in shares of Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock valued at $50,000 after buying an additional 286 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Ovintiv during the 2nd quarter worth $69,000. Covestor Ltd lifted its holdings in Ovintiv by 43.9% during the third quarter. Covestor Ltd now owns 1,835 shares of the company's stock worth $70,000 after acquiring an additional 560 shares in the last quarter. Finally, Blue Trust Inc. grew its stake in Ovintiv by 24.0% in the second quarter. Blue Trust Inc. now owns 1,793 shares of the company's stock valued at $93,000 after acquiring an additional 347 shares during the period. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on OVV. Truist Financial lifted their price objective on Ovintiv from $57.00 to $59.00 and gave the company a "buy" rating in a report on Friday, November 15th. Evercore ISI cut their price target on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a research note on Monday, September 30th. Royal Bank of Canada reduced their price target on shares of Ovintiv from $62.00 to $61.00 and set a "sector perform" rating for the company in a report on Thursday, August 1st. Siebert Williams Shank upgraded shares of Ovintiv to a "strong-buy" rating in a report on Tuesday, October 15th. Finally, UBS Group upped their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock a "buy" rating in a research note on Monday, November 18th. Five research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $56.65.

Ovintiv Stock Down 0.5 %

OVV stock traded down $0.23 during mid-day trading on Thursday, reaching $45.49. The company had a trading volume of 2,072,163 shares, compared to its average volume of 3,085,362. Ovintiv Inc. has a 52 week low of $36.90 and a 52 week high of $55.95. The company has a market capitalization of $11.84 billion, a price-to-earnings ratio of 6.03 and a beta of 2.62. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The stock has a 50 day simple moving average of $41.84 and a two-hundred day simple moving average of $44.15.

Ovintiv Announces Dividend

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

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.