Ovintiv (TSE:OVV) Hits New 1-Year High – Here’s What Happened

Ovintiv Inc. (TSE:OVV)’s share price reached a new 52-week high on Monday. The company traded as high as C$98.62 and last traded at C$98.24, with a volume of 57,445 shares trading hands. The stock had previously closed at C$98.00.

Analyst Ratings Changes

OVV has been the topic of a number of recent analyst reports. Wells Fargo & Company raised Ovintiv to a “strong-buy” rating in a report on Wednesday, September 2nd. Seaport Research Partners raised Ovintiv to a “hold” rating in a report on Wednesday, September 2nd. Finally, Texas Capital upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Thursday, June 25th. Seven equities research analysts have rated the stock with a Strong Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Strong Buy” and an average price target of C$75.00.

Ovintiv Stock Performance

The stock’s fifty day simple moving average is C$89.01 and its 200-day simple moving average is C$82.99. The company has a quick ratio of 0.51, a current ratio of 1.01 and a debt-to-equity ratio of 43.73. The company has a market capitalization of C$27.24 billion, a PE ratio of 27.51, a PEG ratio of 0.05 and a beta of 0.53.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend was Tuesday, September 15th. 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.