Ovintiv (TSE:OVV) Hits New 52-Week High on Analyst Upgrade

Shares of Ovintiv Inc. (TSE:OVV) reached a new 52-week high during mid-day trading on Tuesday after Truist Financial upgraded the stock to a strong-buy rating. The stock traded as high as C$81.78 and last traded at C$81.40, with a volume of 157813 shares changing hands. The stock had previously closed at C$78.12.

OVV has been the subject of several other research reports. Scotiabank raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. TD Cowen raised Ovintiv to a “strong-buy” rating in a research report on Monday, February 9th. Stephens upgraded Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. Finally, William Blair raised Ovintiv to a “strong-buy” rating in a report on Wednesday, November 26th. 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 stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy”.

Ovintiv Price Performance

The business’s 50 day moving average price is C$66.64 and its 200 day moving average price is C$58.89. The stock has a market capitalization of C$24.06 billion, a P/E ratio of 17.76, a price-to-earnings-growth ratio of 0.05 and a beta of 1.06. The company has a debt-to-equity ratio of 67.25, a current ratio of 0.54 and a quick ratio of 0.51.

Ovintiv (TSE:OVV) last released its quarterly earnings data on Monday, February 23rd. The company reported C$5.10 earnings per share for the quarter. Ovintiv had a net margin of 14.13% and a return on equity of 11.86%. The firm had revenue of C$2.81 billion during the quarter. Sell-side analysts forecast that Ovintiv Inc. will post 5.6577693 EPS for the current year.

Ovintiv Announces Dividend

The company 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 dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Friday, March 13th. Ovintiv’s dividend payout ratio is presently 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.