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

Ovintiv Inc. (TSE:OVV)’s stock price reached a new 52-week high on Monday . The company traded as high as C$73.85 and last traded at C$72.72, with a volume of 331683 shares changing hands. The stock had previously closed at C$71.00.

Wall Street Analysts Forecast Growth

OVV has been the subject of a number of analyst reports. William Blair upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Wednesday, November 26th. TD Cowen upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Monday, February 9th. Scotiabank raised Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Finally, Stephens raised Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. Five analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Ovintiv has an average rating of “Buy”.

Ovintiv Stock Up 3.6%

The company has a debt-to-equity ratio of 67.25, a current ratio of 0.54 and a quick ratio of 0.51. The firm’s 50-day moving average price is C$61.44 and its 200 day moving average price is C$57.36. The firm has a market capitalization of C$21.09 billion, a price-to-earnings ratio of 15.57, a price-to-earnings-growth ratio of 0.05 and a beta of 1.06.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Tuesday, March 31st will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date of this dividend is Friday, March 13th. Ovintiv’s payout ratio is 25.10%.

Ovintiv Company Profile

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.