Ovintiv (TSE:OVV) Hits New 12-Month High Following Analyst Upgrade

Ovintiv Inc. (TSE:OVV)’s share price reached a new 52-week high on Wednesday after Seaport Research Partners upgraded the stock to a hold rating. The stock traded as high as C$92.90 and last traded at C$92.77, with a volume of 61616 shares trading hands. The stock had previously closed at C$92.46.

Several other research firms also recently commented on OVV. Texas Capital upgraded Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. Citigroup upgraded 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. Finally, Wells Fargo & Company raised Ovintiv to a “strong-buy” rating in a research report on Wednesday. Seven analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat.com, Ovintiv presently has a consensus rating of “Strong Buy” and a consensus target price of C$75.00.

Ovintiv Stock Down 1.9%

The business’s 50 day moving average is C$84.48 and its 200 day moving average is C$79.77. The company has a quick ratio of 0.51, a current ratio of 1.01 and a debt-to-equity ratio of 43.73. The company has a market cap of C$25.13 billion, a P/E ratio of 25.38, a P/E/G ratio of 0.05 and a beta of 0.36.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, June 15th. Ovintiv’s payout ratio is presently 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.