Ovintiv (TSE:OVV) Hits New 12-Month High – Should You Buy?

Ovintiv Inc. (TSE:OVV)’s stock price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as C$87.75 and last traded at C$87.59, with a volume of 45916 shares traded. The stock had previously closed at C$85.24.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Citigroup raised Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$70.00 target price on the stock in a research report on Wednesday, May 20th. Wells Fargo & Company upgraded shares of 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. Finally, Texas Capital raised shares of Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. Seven investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Strong Buy” and an average target price of C$75.00.

Ovintiv Price Performance

The company’s 50 day moving average is C$78.72 and its 200 day moving average is C$73.11. The firm has a market capitalization of C$24.58 billion, a price-to-earnings ratio of 28.77, a P/E/G ratio of 0.05 and a beta of 0.39. 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 released its quarterly earnings results on Monday, May 11th. The company reported C($3.27) earnings per share for the quarter. The business had revenue of C$3.52 billion during the quarter. Ovintiv had a net margin of 8.59% and a return on equity of 7.13%. On average, equities research analysts anticipate that Ovintiv Inc. will post 5.6577693 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were given a $0.30 dividend. The ex-dividend date was Monday, June 15th. This represents a $1.20 annualized dividend and a dividend yield of 1.4%. Ovintiv’s payout ratio is presently 39.47%.

About Ovintiv

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.