Citigroup Inc. Decreases Stake in Ovintiv Inc. $OVV

Key Points

• Citigroup Inc. reduced its stake in Ovintiv Inc. by 26.8%, holding 159,844 shares worth approximately $6.84 million after selling 58,439 shares in the first quarter.
• Ovintiv recently announced a quarterly dividend of $0.30 per share, translating to an annual yield of 3.0%, with the payout scheduled for September 29.
• The stock has experienced fluctuations, with a fifty-two week low of $29.80 and a high of $47.18, while the current market capitalization stands at $10.14 billion.

Citigroup Inc. lessened its stake in shares of Ovintiv Inc. (NYSE:OVV - Free Report) by 26.8% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 159,844 shares of the company's stock after selling 58,439 shares during the quarter. Citigroup Inc. owned about 0.06% of Ovintiv worth $6,841,000 at the end of the most recent reporting period.

Other hedge funds have also added to or reduced their stakes in the company. Colonial Trust Co SC purchased a new position in Ovintiv during the 4th quarter valued at about $28,000. Harbour Investments Inc. grew its holdings in Ovintiv by 143.8% during the 1st quarter. Harbour Investments Inc. now owns 919 shares of the company's stock valued at $39,000 after buying an additional 542 shares in the last quarter. Optiver Holding B.V. purchased a new position in Ovintiv during the 4th quarter valued at about $40,000. Quent Capital LLC grew its holdings in Ovintiv by 146.5% during the 1st quarter. Quent Capital LLC now owns 1,134 shares of the company's stock valued at $49,000 after buying an additional 674 shares in the last quarter. Finally, Headlands Technologies LLC purchased a new position in Ovintiv during the 1st quarter valued at about $61,000. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Stock Performance

Shares of OVV stock opened at $39.43 on Monday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.43 and a current ratio of 0.43. Ovintiv Inc. has a fifty-two week low of $29.80 and a fifty-two week high of $47.18. The stock has a 50 day moving average price of $40.14 and a two-hundred day moving average price of $39.10. The company has a market capitalization of $10.14 billion, a P/E ratio of 17.45, a PEG ratio of 4.76 and a beta of 1.10.

Ovintiv (NYSE:OVV - Get Free Report) last announced its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a net margin of 6.46% and a return on equity of 14.24%. The company had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.92 billion. Analysts expect that Ovintiv Inc. will post 5.59 earnings per share for the current year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.0%. The ex-dividend date is Monday, September 15th. Ovintiv's dividend payout ratio is currently 53.10%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on OVV. Wells Fargo & Company reduced their target price on Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a report on Monday, June 16th. The Goldman Sachs Group raised Ovintiv from a "neutral" rating to a "buy" rating and lifted their target price for the company from $47.00 to $51.00 in a report on Tuesday, July 1st. TD Cowen raised Ovintiv to a "strong-buy" rating in a report on Monday, July 7th. Scotiabank boosted their price objective on Ovintiv from $48.00 to $51.00 and gave the stock a "sector outperform" rating in a report on Friday, July 11th. Finally, Mizuho cut their price objective on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a report on Tuesday, May 13th. One investment analyst has rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Buy" and an average target price of $53.47.

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.

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