Ovintiv (TSE:OVV) Sets New 12-Month High – Still a Buy?

Ovintiv Inc. (TSE:OVV – Get Free Report) shares hit a new 52-week high during trading on Wednesday . The company traded as high as C$91.70 and last traded at C$91.09, with a volume of 135484 shares traded. The stock had previously closed at C$90.41.

Analyst Ratings Changes

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

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Check Out Our Latest Analysis on Ovintiv

Ovintiv Trading Up 0.4%

The company has a debt-to-equity ratio of 43.73, a quick ratio of 0.51 and a current ratio of 1.01. The stock has a fifty day moving average of C$81.07 and a 200-day moving average of C$77.31. The company has a market cap of C$25.11 billion, a PE ratio of 25.35, a PEG ratio of 0.05 and a beta of 0.36.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th 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 Monday, June 15th. Ovintiv’s payout ratio is 33.52%.

About Ovintiv

(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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