Ovintiv (TSE:OVV) Hits New 12-Month High – Here’s Why

Shares of Ovintiv Inc. (TSE:OVV) reached a new 52-week high on Tuesday . The company traded as high as C$70.50 and last traded at C$68.50, with a volume of 211585 shares changing hands. The stock had previously closed at C$69.64.

Wall Street Analysts Forecast Growth

Several brokerages have commented on OVV. TD Cowen raised shares of Ovintiv to a “strong-buy” rating in a research report on Monday, February 9th. Scotiabank raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. William Blair raised shares of Ovintiv to a “strong-buy” rating in a research report on Wednesday, November 26th. Finally, Stephens upgraded shares of Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Five research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy”.

Ovintiv Stock Performance

The company has a market cap of C$19.38 billion, a PE ratio of 73.55, a PEG ratio of 0.05 and a beta of 1.05. The company has a debt-to-equity ratio of 63.59, a current ratio of 0.52 and a quick ratio of 0.51. The business has a 50-day moving average of C$57.49 and a 200 day moving average of C$56.14.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Stockholders of record on Wednesday, December 31st were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 1.8%. The ex-dividend date of this dividend was Monday, December 15th. Ovintiv’s payout ratio is 129.03%.

About Ovintiv

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.