Ovintiv (TSE:OVV) Reaches New 1-Year High – Time to Buy?

Shares of Ovintiv Inc. (TSE:OVV) hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as C$65.36 and last traded at C$64.73, with a volume of 291370 shares. The stock had previously closed at C$63.20.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on OVV shares. Stephens upgraded shares of Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. Royal Bank Of Canada upgraded Ovintiv from a “hold” rating to a “moderate buy” rating in a report on Wednesday, October 15th. William Blair upgraded Ovintiv to a “strong-buy” rating in a report on Wednesday, November 26th. Wells Fargo & Company raised shares of Ovintiv to a “hold” rating in a research report on Friday, October 17th. Finally, TD Cowen raised shares of Ovintiv to a “strong-buy” rating in a research report on Monday. Four equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy”.

Ovintiv Stock Performance

The stock’s fifty day simple moving average is C$55.91 and its 200-day simple moving average is C$55.52. The company has a debt-to-equity ratio of 63.59, a quick ratio of 0.51 and a current ratio of 0.52. The company has a market capitalization of C$18.38 billion, a PE ratio of 69.74, a price-to-earnings-growth ratio of 0.05 and a beta of 1.05.

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

Ovintiv Announces Dividend

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

About Ovintiv

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.