Ovintiv (TSE:OVV) Reaches New 52-Week High – Should You Buy?

Ovintiv Inc. (TSE:OVV) shares reached a new 52-week high during trading on Monday. The stock traded as high as C$103.31 and last traded at C$101.93, with a volume of 56,135 shares. The stock had previously closed at C$101.28.

Analyst Ratings Changes

A number of analysts recently weighed in on OVV shares. Wells Fargo & Company raised shares of Ovintiv to a “strong-buy” rating in a research note on Wednesday, September 2nd. Seaport Research Partners raised shares of Ovintiv to a “hold” rating in a research report on Wednesday, September 2nd. Seven equities research analysts have rated the stock with a Strong Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, Ovintiv has an average rating of “Strong Buy” and a consensus price target of C$75.00.

Ovintiv Trading Up 0.9%

The stock’s fifty day simple moving average is C$90.10 and its 200-day simple moving average is C$83.58. 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 firm has a market cap of C$28.25 billion, a PE ratio of 28.53, a PEG ratio of 0.05 and a beta of 0.53.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were given 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 (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.