Ovintiv (TSE:OVV) Sets New 12-Month High – Should You Buy?

Ovintiv Inc. (TSE:OVV)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$91.70 and last traded at C$91.09, with a volume of 135484 shares trading hands. The stock had previously closed at C$90.41.

Wall Street Analyst Weigh In

OVV has been the subject of several recent analyst reports. Citigroup raised Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$70.00 target price for the company in a research note on Wednesday, May 20th. Texas Capital upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. Finally, Wells Fargo & Company upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$80.00 target price on the stock in a research report on Monday, June 22nd. Seven analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Ovintiv presently has an average rating of “Strong Buy” and a consensus target price of C$75.00.

Ovintiv Trading Up 1.6%

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 fifty day simple moving average of C$81.53 and a 200-day simple moving average of C$77.76. The firm has a market cap of C$25.45 billion, a P/E ratio of 25.70, a price-to-earnings-growth ratio of 0.05 and a beta of 0.36.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were given a $0.30 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.20 annualized dividend and a yield of 1.3%. Ovintiv’s dividend payout ratio (DPR) is presently 33.52%.

Ovintiv Company Profile

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.