Ovintiv (TSE:OVV) Hits New 12-Month High – What’s Next?

Ovintiv Inc. (TSE:OVV)’s share price reached a new 52-week high during trading on Wednesday . The stock traded as high as C$92.90 and last traded at C$92.77, with a volume of 61616 shares changing hands. The stock had previously closed at C$92.46.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Citigroup raised Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$70.00 target price on the stock in a research report on Wednesday, May 20th. Wells Fargo & Company raised Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$80.00 price target for the company in a research note on Monday, June 22nd. Finally, Texas Capital upgraded Ovintiv to a “strong-buy” rating in a report on Thursday, June 25th. Seven equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, Ovintiv currently has a consensus rating of “Strong Buy” and a consensus price target of C$75.00.

Ovintiv Stock Performance

The company has a debt-to-equity ratio of 43.73, a current ratio of 1.01 and a quick ratio of 0.51. The firm has a fifty day simple moving average of C$83.83 and a 200 day simple moving average of C$79.37. The company has a market cap of C$25.74 billion, a price-to-earnings ratio of 26.00, a P/E/G ratio of 0.05 and a beta of 0.36.

Ovintiv Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, June 15th. Ovintiv’s dividend payout ratio is currently 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.