Ovintiv (TSE:OVV) Upgraded by Scotiabank to “Strong-Buy” Rating

Scotiabank upgraded shares of Ovintiv (TSE:OVV) to a strong-buy rating in a report issued on Wednesday,Zacks.com reports.

Ovintiv Price Performance

TSE:OVV opened at C$59.60 on Wednesday. The firm’s 50-day simple moving average is C$61.41 and its 200 day simple moving average is C$58.90. Ovintiv has a 52 week low of C$49.74 and a 52 week high of C$76.63. The firm has a market cap of C$10.84 billion, a price-to-earnings ratio of 5.46, a P/E/G ratio of 0.05 and a beta of 2.63. The company has a debt-to-equity ratio of 63.59, a quick ratio of 0.51 and a current ratio of 0.52.

Ovintiv Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, March 31st will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.01%. Ovintiv’s dividend payout ratio (DPR) is currently 14.85%.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.