Ovintiv (TSE:OVV) Sets New 12-Month High – What’s Next?

Ovintiv Inc. (TSE:OVV)’s stock price hit a new 52-week high on Monday. The stock traded as high as C$98.62 and last traded at C$98.24, with a volume of 57,445 shares traded. The stock had previously closed at C$98.00.

Analyst Upgrades and Downgrades

Several research analysts recently commented on OVV shares. Seaport Research Partners raised Ovintiv to a “hold” rating in a research report on Wednesday, September 2nd. Texas Capital upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. Finally, Wells Fargo & Company raised shares of Ovintiv to a “strong-buy” rating in a report on Wednesday, September 2nd. Seven investment analysts have rated the stock with a Strong Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Strong Buy” and an average price target of C$75.00.

Ovintiv Stock Performance

The company has a market capitalization of C$27.31 billion, a P/E ratio of 27.58, a price-to-earnings-growth ratio of 0.05 and a beta of 0.53. The firm has a 50 day moving average price of C$89.42 and a two-hundred day moving average price of C$83.24. The company has a debt-to-equity ratio of 43.73, a quick ratio of 0.51 and a current ratio of 1.01.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th were paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 1.2%. The ex-dividend date was Tuesday, September 15th. Ovintiv’s dividend payout ratio is currently 33.52%.

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.