Ovintiv (TSE:OVV) Reaches New 52-Week High – What’s Next?

Ovintiv Inc. (TSE:OVV – Get Free Report) reached a new 52-week high on Tuesday. The company traded as high as C$94.02 and last traded at C$93.94, with a volume of 115,981 shares. The stock had previously closed at C$91.16.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on OVV. Seaport Research Partners raised shares of Ovintiv to a “hold” rating in a research report on Wednesday, September 2nd. Texas Capital upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. Finally, Wells Fargo & Company raised shares of Ovintiv to a “strong-buy” rating in a research note on Wednesday, September 2nd. Seven equities research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Ovintiv currently has a consensus rating of “Strong Buy” and an average target price of C$75.00.

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Ovintiv Price Performance

The business has a fifty day moving average of C$88.05 and a 200 day moving average of C$82.69. 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 stock has a market cap of C$26.00 billion, a PE ratio of 26.26, a P/E/G ratio of 0.05 and a beta of 0.53.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 29th were given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Tuesday, September 15th. Ovintiv’s dividend payout ratio is presently 33.52%.

Ovintiv Company Profile

(Get Free Report)

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.

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