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

Ovintiv Inc. (TSE:OVV)’s stock price hit a new 52-week high during mid-day trading on Monday. The company traded as high as C$103.31 and last traded at C$101.93, with a volume of 56,135 shares changing hands. The stock had previously closed at C$101.28.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on OVV. Seaport Research Partners raised Ovintiv to a “hold” rating in a research report on Wednesday, September 2nd. Wells Fargo & Company upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Wednesday, September 2nd. Seven analysts have rated the stock with a Strong Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Ovintiv has a consensus rating of “Strong Buy” and an average price target of C$75.00.

Ovintiv Stock Performance

The company has a current ratio of 1.01, a quick ratio of 0.51 and a debt-to-equity ratio of 43.73. The business’s 50 day moving average is C$90.10 and its two-hundred day moving average is C$83.58. The company has a market cap of C$28.25 billion, a PE ratio of 28.53, a PEG ratio of 0.05 and a beta of 0.53.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th were given a dividend of $0.30 per share. The ex-dividend date was Tuesday, September 15th. This represents a $1.20 annualized dividend and a yield of 1.2%. Ovintiv’s dividend payout ratio (DPR) is 33.52%.

About Ovintiv

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.