Ovintiv (TSE:OVV) Downgraded to “Hold” Rating by Citigroup

Citigroup lowered shares of Ovintiv (TSE:OVV) from a strong-buy rating to a hold rating in a research note issued to investors on Sunday morning,Zacks.com reports.

A number of other equities analysts have also weighed in on OVV. Truist Financial upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Monday, March 23rd. TD Cowen raised shares of Ovintiv to a “strong-buy” rating in a research report on Monday, February 9th. Stephens upgraded shares of Ovintiv to a “hold” rating in a research note on Tuesday, February 3rd. Finally, Scotiabank raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Five research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, Ovintiv has an average rating of “Buy”.

Ovintiv Stock Down 2.0%

Shares of TSE OVV opened at C$84.47 on Friday. The company has a debt-to-equity ratio of 67.25, a current ratio of 0.54 and a quick ratio of 0.51. The stock has a market capitalization of C$23.93 billion, a PE ratio of 17.67, a P/E/G ratio of 0.05 and a beta of 1.06. Ovintiv has a one year low of C$42.35 and a one year high of C$86.86. The business’s fifty day moving average price is C$68.43 and its 200-day moving average price is C$59.47.

Ovintiv (TSE:OVV) last announced its quarterly earnings data on Monday, February 23rd. The company reported C$5.10 earnings per share for the quarter. Ovintiv had a return on equity of 11.86% and a net margin of 14.13%.The company had revenue of C$2.81 billion during the quarter. On average, equities research analysts anticipate that Ovintiv 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 given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Friday, March 13th. Ovintiv’s payout ratio is 25.10%.

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.