Ovintiv (TSE:OVV) Upgraded by Wells Fargo & Company to “Strong-Buy” Rating

Wells Fargo & Company upgraded shares of Ovintiv (TSE:OVV) from a hold rating to a strong-buy rating in a report published on Monday,Zacks.com reports.

OVV has been the subject of several other research reports. Truist Financial upgraded Ovintiv to a “strong-buy” rating in a research report on Monday, March 23rd. Citigroup upgraded Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$70.00 price objective on the stock in a research report on Wednesday, May 20th. Seven equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Strong Buy” and a consensus target price of C$70.00.

Ovintiv Price Performance

OVV stock opened at C$77.15 on Monday. Ovintiv has a 52 week low of C$50.13 and a 52 week high of C$86.86. The firm has a market capitalization of C$21.68 billion, a P/E ratio of 25.38, a price-to-earnings-growth ratio of 0.05 and a beta of 0.44. The company has a fifty day simple moving average of C$78.82 and a two-hundred day simple moving average of C$69.44. The company has a quick ratio of 0.51, a current ratio of 0.56 and a debt-to-equity ratio of 66.59.

Ovintiv (TSE:OVV) last posted its earnings results on Monday, May 11th. The company reported C($3.27) earnings per share for the quarter. The business had revenue of C$3.52 billion during the quarter. Ovintiv had a return on equity of 7.13% and a net margin of 8.59%. Analysts anticipate that Ovintiv will post 5.6577693 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th will be given a dividend of $0.30 per share. The ex-dividend date is Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.6%. Ovintiv’s payout ratio is 39.47%.

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.