Ovintiv (TSE:OVV) Sets New 12-Month High – Still a Buy?

Ovintiv Inc. (TSE:OVV)’s stock price reached a new 52-week high on Wednesday . The company traded as high as C$91.70 and last traded at C$91.09, with a volume of 135484 shares trading hands. The stock had previously closed at C$90.41.

Wall Street Analyst Weigh In

OVV has been the subject of several recent analyst reports. Citigroup raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$70.00 target price for the company in a 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 for the company in a report on Monday, June 22nd. Finally, Texas Capital raised Ovintiv to a “strong-buy” rating in a research report on Thursday, June 25th. Seven research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Strong Buy” and a consensus price target of C$75.00.

Ovintiv Price Performance

The company has a debt-to-equity ratio of 43.73, a current ratio of 1.01 and a quick ratio of 0.51. The business’s 50 day moving average price is C$81.07 and its 200 day moving average price is C$77.31. The stock has a market capitalization of C$25.11 billion, a P/E ratio of 25.35, a price-to-earnings-growth ratio of 0.05 and a beta of 0.36.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Monday, June 15th. Ovintiv’s dividend payout ratio (DPR) is currently 33.52%.

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.