Brokerages Set Ovintiv Inc. (TSE:OVV) Target Price at C$75.00

Ovintiv Inc. (TSE:OVV) has been given an average rating of “Strong Buy” by the ten brokerages that are presently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold rating, one has given a buy rating and seven have given a strong buy rating to the company. The average twelve-month price target among analysts that have updated their coverage on the stock in the last year is C$75.00.

A number of equities research analysts have issued reports on the company. Citigroup raised Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$70.00 price target on the stock in a research report on Wednesday, May 20th. Texas Capital raised Ovintiv to a “strong-buy” rating in a research report on Thursday, June 25th. Finally, Wells Fargo & Company upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$80.00 target price on the stock in a research note on Monday, June 22nd.

Ovintiv Stock Up 3.0%

Shares of TSE OVV opened at C$89.01 on Friday. The stock has a market cap of C$25.01 billion, a P/E ratio of 29.28, a PEG ratio of 0.05 and a beta of 0.39. The company has a current ratio of 0.56, a quick ratio of 0.51 and a debt-to-equity ratio of 66.59. Ovintiv has a 12-month low of C$50.13 and a 12-month high of C$90.93. The business’s fifty day simple moving average is C$78.97 and its 200-day simple moving average is C$73.44.

Ovintiv (TSE:OVV) last released its earnings results on Monday, May 11th. The company reported C($3.27) earnings per share (EPS) for the quarter. Ovintiv had a net margin of 8.59% and a return on equity of 7.13%. The company had revenue of C$3.52 billion during the quarter. As a group, equities analysts predict that Ovintiv will post 5.6577693 EPS for the current fiscal year.

Ovintiv Announces Dividend

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