Ovintiv (TSE:OVV) Sets New 52-Week High – Time to Buy?

Ovintiv Inc. (TSE:OVV)’s stock price hit a new 52-week high during trading on Monday. The company traded as high as C$98.62 and last traded at C$98.24, with a volume of 57,445 shares trading hands. The stock had previously closed at C$98.00.

Analyst Upgrades and Downgrades

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

Ovintiv Trading Up 0.5%

The firm has a market cap of C$27.24 billion, a PE ratio of 27.51, a P/E/G ratio of 0.05 and a beta of 0.53. The company’s fifty day moving average price is C$89.01 and its two-hundred day moving average price is C$82.99. The company has a quick ratio of 0.51, a current ratio of 1.01 and a debt-to-equity ratio of 43.73.

Ovintiv Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Investors of record on Tuesday, September 29th were given a $0.30 dividend. The ex-dividend date was Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.2%. Ovintiv’s dividend payout ratio (DPR) is presently 33.52%.

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.