Ovintiv (TSE:OVV) Hits New 12-Month High – What’s Next?

Ovintiv Inc. (TSE:OVV) shares hit a new 52-week high during trading on Thursday . The stock traded as high as C$87.75 and last traded at C$87.59, with a volume of 45916 shares traded. The stock had previously closed at C$85.24.

Wall Street Analysts Forecast Growth

OVV has been the subject of several recent research reports. Texas Capital upgraded Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. Citigroup upgraded 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. Finally, Wells Fargo & Company raised Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$80.00 price objective for the company in a report on Monday, June 22nd. Seven investment 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 MarketBeat, the stock has an average rating of “Strong Buy” and a consensus price target of C$75.00.

Ovintiv Stock Up 3.0%

The firm’s 50-day moving average price is C$78.97 and its 200 day moving average price is C$73.44. The company has a market capitalization of C$25.01 billion, a price-to-earnings 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 (TSE:OVV) last issued its quarterly earnings results on Monday, May 11th. The company reported C($3.27) earnings per share for the quarter. The firm had revenue of C$3.52 billion for the quarter. Ovintiv had a return on equity of 7.13% and a net margin of 8.59%. On average, sell-side analysts forecast that Ovintiv Inc. will post 5.6577693 EPS for the current fiscal year.

Ovintiv Dividend Announcement

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