Ovintiv Inc. (NYSE:OVV) Shares Acquired by Franklin Resources Inc.

Franklin Resources Inc. lifted its position in Ovintiv Inc. (NYSE:OVV - Free Report) by 16.0% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 270,968 shares of the company's stock after purchasing an additional 37,341 shares during the quarter. Franklin Resources Inc. owned approximately 0.10% of Ovintiv worth $11,527,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Drive Wealth Management LLC boosted its holdings in shares of Ovintiv by 2.5% in the third quarter. Drive Wealth Management LLC now owns 10,309 shares of the company's stock valued at $395,000 after acquiring an additional 251 shares during the period. CIBC Asset Management Inc grew its position in Ovintiv by 3.7% during the 3rd quarter. CIBC Asset Management Inc now owns 7,937 shares of the company's stock worth $304,000 after purchasing an additional 280 shares during the last quarter. UMB Bank n.a. increased its stake in Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock valued at $50,000 after purchasing an additional 286 shares during the period. OneDigital Investment Advisors LLC raised its holdings in shares of Ovintiv by 5.2% in the third quarter. OneDigital Investment Advisors LLC now owns 6,018 shares of the company's stock valued at $231,000 after buying an additional 298 shares during the last quarter. Finally, Stifel Financial Corp raised its holdings in shares of Ovintiv by 1.6% in the third quarter. Stifel Financial Corp now owns 20,385 shares of the company's stock valued at $781,000 after buying an additional 322 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Price Performance

Shares of NYSE:OVV traded up $0.04 during midday trading on Friday, hitting $37.78. 10,750,648 shares of the stock were exchanged, compared to its average volume of 3,094,425. The stock has a market cap of $9.84 billion, a P/E ratio of 5.01 and a beta of 2.63. Ovintiv Inc. has a twelve month low of $36.90 and a twelve month high of $55.95. The company has a 50 day moving average price of $41.90 and a 200-day moving average price of $43.21. 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 Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.18%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv's dividend payout ratio (DPR) is presently 15.92%.

Analysts Set New Price Targets

Several research firms have commented on OVV. Citigroup reduced their price objective on Ovintiv from $55.00 to $54.00 and set a "buy" rating for the company in a research note on Tuesday, November 26th. Scotiabank upped their price target on Ovintiv from $50.00 to $53.00 and gave the stock a "sector outperform" rating in a research note on Monday, November 18th. Evercore ISI lowered their price objective on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a research report on Monday, September 30th. Truist Financial upped their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock a "buy" rating in a research report on Friday, November 15th. Finally, Barclays lifted their target price on shares of Ovintiv from $53.00 to $57.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $56.59.

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. 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.