Ovintiv Inc. (TSE:OVV) Given Average Rating of “Strong Buy” by Brokerages

Ovintiv Inc. (TSE:OVV) has earned an average rating of “Strong Buy” from the eleven ratings firms that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and eight have given a strong buy recommendation to the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is C$75.00.

Several analysts have issued reports on OVV shares. Truist Financial upgraded Ovintiv to a “strong-buy” rating in a research note on Monday, March 23rd. Texas Capital upgraded Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. Citigroup upgraded Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$70.00 price objective on the stock in a research note on Wednesday, May 20th. Finally, Wells Fargo & Company upgraded Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$80.00 price objective on the stock in a research note on Monday, June 22nd.

Ovintiv Trading Up 0.3%

Shares of TSE OVV opened at C$75.55 on Tuesday. The stock’s 50 day moving average price is C$78.77 and its two-hundred day moving average price is C$70.06. Ovintiv has a 52-week low of C$50.13 and a 52-week high of C$86.86. The stock has a market capitalization of C$21.23 billion, a P/E ratio of 24.85, a PEG ratio of 0.05 and a beta of 0.44. The company has a quick ratio of 0.51, a current ratio of 0.56 and a debt-to-equity ratio of 66.59.

Ovintiv (TSE:OVV) last announced its quarterly earnings data on Monday, May 11th. The company reported C($3.27) earnings per share (EPS) for the quarter. Ovintiv had a net margin of 8.59% and a return on equity of 7.13%. The firm had revenue of C$3.52 billion for the quarter. On average, analysts anticipate that Ovintiv will post 5.6577693 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $0.30 per share. The ex-dividend date is Monday, June 15th. This represents a $1.20 annualized dividend and a yield of 1.6%. Ovintiv’s dividend payout ratio is presently 39.47%.

Ovintiv Company Profile

Ovintiv Inc is an oil and natural gas company actively engaged in the exploration for, and the development and production of, oil and natural gas reserves in the province of Alberta. Ovintiv’s primary focus is on the scalable and repeatable condensate-rich Montney formation in the Pipestone and Wapiti areas of the Alberta Deep Basin.