Ovintiv (TSE:OVV) Lowered to “Hold” Rating by Scotiabank

Scotiabank cut shares of Ovintiv (TSE:OVV) from a strong-buy rating to a hold rating in a report issued on Tuesday morning,Zacks.com reports.

Several other research analysts have also weighed in on the company. William Blair upgraded Ovintiv to a “strong-buy” rating in a research report on Wednesday, November 26th. Roth Capital raised Ovintiv to a “hold” rating in a research note on Monday, October 13th. Royal Bank Of Canada raised Ovintiv from a “hold” rating to a “moderate buy” rating in a research report on Wednesday, October 15th. Finally, Wells Fargo & Company upgraded shares of Ovintiv to a “hold” rating in a report on Friday, October 17th. Four research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, Ovintiv has an average rating of “Buy”.

Ovintiv Price Performance

Ovintiv stock opened at C$54.69 on Tuesday. The company has a current ratio of 0.52, a quick ratio of 0.51 and a debt-to-equity ratio of 63.59. The company has a 50-day moving average price of C$54.71 and a 200 day moving average price of C$55.06. Ovintiv has a 12-month low of C$42.35 and a 12-month high of C$66.67. The stock has a market cap of C$13.85 billion, a P/E ratio of 58.81, a PEG ratio of 0.05 and a beta of 0.82.

Ovintiv (TSE:OVV) last posted its earnings results on Tuesday, November 4th. The company reported C$0.57 earnings per share for the quarter. The company had revenue of C$2.88 billion for the quarter. Ovintiv had a net margin of 20.34% and a return on equity of 19.62%. Sell-side analysts anticipate that Ovintiv will post 5.6577693 earnings per share for the current year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were paid a $0.30 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.2%. Ovintiv’s payout ratio is presently 129.03%.

About Ovintiv

Ovintiv Inc is a leading North American exploration and production (E&P) company focused on developing its high-quality, multi-basin portfolio. Ovintiv works to safely produce crude oil and natural gas-products that make modern life possible for all. The Company is focused on creating long-term shareholder value while contributing to the strength and sustainability of the communities where it operates.