Franklin Resources Inc. Buys 168,801 Shares of Ovintiv Inc. (NYSE:OVV)

Franklin Resources Inc. grew its stake in Ovintiv Inc. (NYSE:OVV - Free Report) by 62.3% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 439,769 shares of the company's stock after purchasing an additional 168,801 shares during the period. Franklin Resources Inc. owned about 0.17% of Ovintiv worth $17,811,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Alliancebernstein L.P. lifted its position in Ovintiv by 15.1% in the fourth quarter. Alliancebernstein L.P. now owns 451,875 shares of the company's stock worth $18,301,000 after purchasing an additional 59,142 shares during the period. O Shaughnessy Asset Management LLC boosted its position in shares of Ovintiv by 17.9% during the 4th quarter. O Shaughnessy Asset Management LLC now owns 28,212 shares of the company's stock valued at $1,143,000 after acquiring an additional 4,291 shares in the last quarter. Hartree Partners LP bought a new stake in Ovintiv in the fourth quarter valued at about $4,636,000. Schroder Investment Management Group raised its position in Ovintiv by 6.0% in the fourth quarter. Schroder Investment Management Group now owns 415,498 shares of the company's stock worth $16,828,000 after purchasing an additional 23,340 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Ovintiv by 1,732.9% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 3,387,923 shares of the company's stock worth $137,134,000 after purchasing an additional 3,203,087 shares during the period. Institutional investors own 83.81% of the company's stock.

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Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on OVV. Bank of America raised Ovintiv from a "neutral" rating to a "buy" rating and dropped their target price for the stock from $55.00 to $54.00 in a report on Monday, January 13th. National Bankshares increased their price objective on Ovintiv from $51.00 to $56.00 and gave the stock an "outperform" rating in a research note on Thursday, January 30th. Mizuho reduced their target price on shares of Ovintiv from $63.00 to $60.00 and set an "outperform" rating on the stock in a research note on Monday, December 16th. BMO Capital Markets upgraded shares of Ovintiv from a "market perform" rating to an "outperform" rating and increased their target price for the stock from $55.00 to $57.00 in a research report on Monday, March 24th. Finally, Truist Financial boosted their price target on shares of Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Two equities research analysts have rated the stock with a hold rating, fourteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $57.17.

Ovintiv Trading Up 3.3 %

OVV stock traded up $1.05 during midday trading on Friday, reaching $32.77. The stock had a trading volume of 4,427,024 shares, compared to its average volume of 3,159,567. The firm has a market cap of $8.53 billion, a price-to-earnings ratio of 4.35 and a beta of 2.04. Ovintiv Inc. has a twelve month low of $29.80 and a twelve month high of $55.77. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $40.67 and a two-hundred day simple moving average of $41.60.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Friday, March 14th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 3.66%. The ex-dividend date was Friday, March 14th. Ovintiv's dividend payout ratio is 28.57%.

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.