Franklin Resources Inc. Grows Position in Ovintiv Inc. (NYSE:OVV)

Franklin Resources Inc. lifted its position in Ovintiv Inc. (NYSE:OVV) by 16.0% during the 3rd quarter, Holdings Channel reports. The firm owned 270,968 shares of the company’s stock after acquiring an additional 37,341 shares during the period. Franklin Resources Inc.’s holdings in Ovintiv were worth $11,527,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Raymond James & Associates grew its holdings in Ovintiv by 1.2% in the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock worth $7,529,000 after acquiring an additional 2,275 shares during the last quarter. Quarry LP grew its stake in shares of Ovintiv by 89.1% in the second quarter. Quarry LP now owns 40,902 shares of the company’s stock worth $1,917,000 after purchasing an additional 19,272 shares during the last quarter. Smead Capital Management Inc. increased its holdings in Ovintiv by 3.5% during the 3rd quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock valued at $241,476,000 after purchasing an additional 212,535 shares during the period. Entropy Technologies LP raised its position in Ovintiv by 319.9% during the 3rd quarter. Entropy Technologies LP now owns 149,457 shares of the company’s stock valued at $5,726,000 after purchasing an additional 113,866 shares during the last quarter. Finally, KBC Group NV lifted its holdings in Ovintiv by 8.9% in the 3rd quarter. KBC Group NV now owns 333,207 shares of the company’s stock worth $12,765,000 after buying an additional 27,338 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Evercore ISI reduced their target price on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research note on Monday, September 30th. Scotiabank boosted their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Barclays raised their target price on shares of Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. Finally, Morgan Stanley lowered their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Five equities research 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 stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $56.59.

Ovintiv Price Performance

OVV opened at $37.78 on Friday. The firm has a market cap of $9.84 billion, a PE ratio of 5.01 and a beta of 2.63. The stock has a 50-day moving average price of $41.90 and a 200-day moving average price of $43.21. Ovintiv Inc. has a 1 year low of $36.90 and a 1 year high of $55.95. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Ovintiv Dividend Announcement

The company also recently announced 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. The ex-dividend date of this dividend is Friday, December 13th. This represents a $1.20 annualized dividend and a yield of 3.18%. Ovintiv’s dividend payout ratio (DPR) is presently 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.