Brokerages Set Ovintiv Inc. (TSE:OVV) Price Target at C$70.00

Shares of Ovintiv Inc. (TSE:OVV) have received an average rating of “Buy” from the ten research firms that are covering the firm, MarketBeat reports. Three equities research analysts have rated the stock with a hold recommendation, one has assigned a buy recommendation and six have issued a strong buy recommendation on the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is C$70.00.

Several research firms recently weighed in on OVV. Stephens upgraded Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Truist Financial upgraded Ovintiv to a “strong-buy” rating in a research note on Monday, March 23rd. Scotiabank upgraded Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. TD Cowen upgraded Ovintiv to a “strong-buy” rating in a research note on Monday, February 9th. Finally, Citigroup upgraded Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$70.00 price objective for the company in a research note on Wednesday, May 20th.

Ovintiv Stock Performance

OVV stock opened at C$81.02 on Friday. The company has a debt-to-equity ratio of 66.59, a current ratio of 0.56 and a quick ratio of 0.51. The business has a 50-day moving average price of C$79.81 and a 200 day moving average price of C$67.02. The company has a market capitalization of C$22.77 billion, a P/E ratio of 26.65, a PEG ratio of 0.05 and a beta of 0.58. Ovintiv has a 1-year low of C$49.62 and a 1-year high of C$86.86.

Ovintiv (TSE:OVV) last released its quarterly earnings data on Monday, May 11th. The company reported C($3.27) earnings per share for the quarter. The firm had revenue of C$3.52 billion during the quarter. Ovintiv had a net margin of 8.59% and a return on equity of 7.13%. As a group, equities research analysts forecast that Ovintiv will post 5.6577693 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th will be paid a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Monday, June 15th. Ovintiv’s dividend payout ratio is 39.47%.

About Ovintiv

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.