Ovintiv (TSE:OVV) Sets New 1-Year High Following Analyst Upgrade

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

Other research analysts have also recently issued reports about the stock. Citigroup raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$70.00 price objective on the stock in a research note on Wednesday, May 20th. Wells Fargo & Company upgraded shares of Ovintiv to a “strong-buy” rating in a report on Wednesday. Finally, Texas Capital raised Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. Seven analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Strong Buy” and an average target price of C$75.00.

Ovintiv Trading Down 1.9%

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$25.13 billion, a price-to-earnings ratio of 25.38, a price-to-earnings-growth ratio of 0.05 and a beta of 0.36. The firm’s fifty day moving average is C$84.48 and its 200-day moving average is C$79.77.

Ovintiv Dividend Announcement

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