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

Ovintiv Inc. (TSE:OVV – Get Free Report) hit a new 52-week high during mid-day trading on Wednesday . The company 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.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Texas Capital raised Ovintiv to a “strong-buy” rating in a research note on Thursday, June 25th. Wells Fargo & Company raised 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. Finally, Citigroup upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$70.00 price target on the stock in a research report on Wednesday, May 20th. Seven investment 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’s stock. According to MarketBeat.com, the company has an average rating of “Strong Buy” and a consensus target price of C$75.00.

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Ovintiv Price Performance

The stock has a 50 day moving average of C$83.83 and a two-hundred day moving average of C$79.37. The stock has a market cap of C$25.74 billion, a PE ratio of 26.00, a PEG ratio of 0.05 and a beta of 0.36. The company has a debt-to-equity ratio of 43.73, a quick ratio of 0.51 and a current ratio of 1.01.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th 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 Monday, June 15th. Ovintiv’s dividend 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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