Ovintiv (TSE:OVV) Reaches New 52-Week High After Analyst Upgrade

Ovintiv Inc. (TSE:OVV) hit a new 52-week high during mid-day trading on Wednesday after Scotiabank upgraded the stock from a hold rating to a strong-buy rating. The company traded as high as C$65.36 and last traded at C$64.73, with a volume of 291370 shares traded. The stock had previously closed at C$63.20.

A number of other analysts have also recently issued reports on the stock. Wells Fargo & Company upgraded shares of Ovintiv to a “hold” rating in a research note on Friday, October 17th. Royal Bank Of Canada raised shares of Ovintiv from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, October 15th. TD Cowen upgraded shares of Ovintiv to a “strong-buy” rating in a report on Monday. Stephens upgraded Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Finally, William Blair raised Ovintiv to a “strong-buy” rating in a research report on Wednesday, November 26th. Five research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Buy”.

Ovintiv Stock Up 2.1%

The company has a debt-to-equity ratio of 63.59, a current ratio of 0.52 and a quick ratio of 0.51. The firm has a market capitalization of C$18.10 billion, a P/E ratio of 68.69, a price-to-earnings-growth ratio of 0.05 and a beta of 1.05. The business has a 50 day moving average price of C$56.21 and a 200 day moving average price of C$55.67.

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

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 31st were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.20 annualized dividend and a yield of 1.9%. Ovintiv’s dividend payout ratio is 129.03%.

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.