Ovintiv (TSE:OVV) Stock Crosses Above 50 Day Moving Average – What’s Next?

Shares of Ovintiv Inc. (TSE:OVV) passed above its fifty day moving average during trading on Thursday. The stock has a fifty day moving average of C$90.81 and traded as high as C$93.06. Ovintiv shares last traded at C$92.46, with a volume of 170,852 shares trading hands.

Analysts Set New Price Targets

A number of equities research analysts recently commented on OVV shares. Seaport Research Partners assumed coverage on Ovintiv in a research note on Wednesday, September 2nd. They set a “hold” rating for the company. Wells Fargo & Company raised shares of Ovintiv to a “strong-buy” rating in a research note on Wednesday, September 2nd. Finally, National Bank Financial assumed coverage on shares of Ovintiv in a report on Wednesday, October 28th. They issued a “strong-buy” rating on the stock. Eight investment analysts have rated the stock with a Strong Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Strong Buy” and an average price target of C$75.00.

Ovintiv Price Performance

The company has a debt-to-equity ratio of 43.84, a quick ratio of 0.51 and a current ratio of 0.84. The company has a fifty day moving average price of C$90.81 and a two-hundred day moving average price of C$81.30. The company has a market cap of C$24.84 billion, a P/E ratio of 18.46, a PEG ratio of 0.05 and a beta of 0.69.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 29th were paid 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 was Tuesday, September 15th. Ovintiv’s payout ratio is currently 23.95%.

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.