Ovintiv (TSE:OVV) Sets New 1-Year High – Time to Buy?

Ovintiv Inc. (TSE:OVV)’s share price reached a new 52-week high during mid-day trading on Monday . The company traded as high as C$86.86 and last traded at C$86.46, with a volume of 70557 shares. The stock had previously closed at C$86.20.

Wall Street Analyst Weigh In

OVV has been the subject of a number of recent research reports. Stephens upgraded shares of Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. TD Cowen raised shares of Ovintiv to a “strong-buy” rating in a research note on Monday, February 9th. Truist Financial upgraded shares of Ovintiv to a “strong-buy” rating in a report on Monday, March 23rd. Scotiabank raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Finally, Citigroup cut Ovintiv from a “strong-buy” rating to a “hold” rating in a report on Sunday. Five equities research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Buy”.

Ovintiv Stock Down 2.2%

The company has a market capitalization of C$23.40 billion, a PE ratio of 17.28, a price-to-earnings-growth ratio of 0.05 and a beta of 1.06. The company has a quick ratio of 0.51, a current ratio of 0.54 and a debt-to-equity ratio of 67.25. The firm has a 50-day moving average of C$68.99 and a two-hundred day moving average of C$59.64.

Ovintiv (TSE:OVV) last posted its earnings results on Monday, February 23rd. The company reported C$5.10 EPS for the quarter. Ovintiv had a return on equity of 11.86% and a net margin of 14.13%.The company had revenue of C$2.81 billion for the quarter. Equities research analysts predict that Ovintiv Inc. will post 5.6577693 earnings per share for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Tuesday, March 31st were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.5%. The ex-dividend date was Friday, March 13th. Ovintiv’s payout ratio is 25.10%.

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.