Ovintiv (TSE:OVV) Reaches New 1-Year High After Dividend Announcement

Ovintiv Inc. (TSE:OVV) hit a new 52-week high during trading on Tuesday following a dividend announcement from the company. The stock traded as high as C$93.53 and last traded at C$93.51, with a volume of 110334 shares changing hands. The stock had previously closed at C$90.84.

The newly announced dividend which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Tuesday, September 15th. Ovintiv’s payout ratio is presently 33.52%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on OVV shares. Wells Fargo & Company raised shares of Ovintiv to a “strong-buy” rating in a research note on Wednesday, September 2nd. Seaport Research Partners upgraded Ovintiv to a “hold” rating in a report on Wednesday, September 2nd. Citigroup upgraded Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$70.00 price objective for the company in a report on Wednesday, May 20th. Finally, Texas Capital raised shares of Ovintiv to a “strong-buy” rating in a research report on Thursday, June 25th. Seven analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Strong Buy” and a consensus price target of C$75.00.

Ovintiv Trading Up 3.1%

The stock has a market cap of C$25.91 billion, a price-to-earnings ratio of 26.17, a price-to-earnings-growth ratio of 0.05 and a beta of 0.37. The business has a 50 day simple moving average of C$86.44 and a two-hundred day simple moving average of C$80.85. The company has a current ratio of 1.01, a quick ratio of 0.51 and a debt-to-equity ratio of 43.73.

Ovintiv Company Profile

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.