Ovintiv (TSE:OVV) Rating Increased to Strong-Buy at Scotiabank

Scotiabank upgraded shares of Ovintiv (TSE:OVV) from a hold rating to a strong-buy rating in a research report released on Wednesday morning,Zacks.com reports.

A number of other equities analysts have also recently commented on the stock. Stephens upgraded shares of Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. TD Cowen raised Ovintiv to a “strong-buy” rating in a research note on Monday. Royal Bank Of Canada upgraded Ovintiv from a “hold” rating to a “moderate buy” rating in a report on Wednesday, October 15th. William Blair upgraded Ovintiv to a “strong-buy” rating in a report on Wednesday, November 26th. Finally, Wells Fargo & Company raised Ovintiv to a “hold” rating in a research note on Friday, October 17th. Five research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy”.

Ovintiv Stock Performance

TSE:OVV opened at C$62.56 on Wednesday. The company has a market capitalization of C$17.73 billion, a price-to-earnings ratio of 67.27, a PEG ratio of 0.05 and a beta of 1.05. The business has a 50 day moving average of C$56.10 and a 200 day moving average of C$55.63. The company has a debt-to-equity ratio of 63.59, a current ratio of 0.52 and a quick ratio of 0.51. Ovintiv has a 1-year low of C$42.35 and a 1-year high of C$65.36.

Ovintiv (TSE:OVV) last issued its quarterly earnings results on Tuesday, November 4th. The company reported C$0.57 EPS for the quarter. The business had revenue of C$2.88 billion for the quarter. Ovintiv had a net margin of 20.34% and a return on equity of 19.62%. On average, sell-side analysts predict that Ovintiv will post 5.6577693 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 31st were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Monday, December 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.9%. Ovintiv’s dividend payout ratio is presently 129.03%.

About Ovintiv

Ovintiv Inc is a leading North American exploration and production (E&P) company focused on developing its high-quality, multi-basin portfolio. Ovintiv works to safely produce crude oil and natural gas-products that make modern life possible for all. The Company is focused on creating long-term shareholder value while contributing to the strength and sustainability of the communities where it operates.