Ovintiv (TSE:OVV) Hits New 12-Month High – Should You Buy?

Ovintiv Inc. (TSE:OVV) shares hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as C$70.50 and last traded at C$68.50, with a volume of 211585 shares trading hands. The stock had previously closed at C$69.64.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the stock. Scotiabank raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, February 11th. William Blair raised shares of Ovintiv to a “strong-buy” rating in a research note on Wednesday, November 26th. TD Cowen raised Ovintiv to a “strong-buy” rating in a research note on Monday, February 9th. Finally, Stephens upgraded Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Five equities research analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy”.

Ovintiv Trading Up 0.2%

The company has a market capitalization of C$19.16 billion, a PE ratio of 72.70, a price-to-earnings-growth ratio of 0.05 and a beta of 1.05. The company has a debt-to-equity ratio of 63.59, a current ratio of 0.52 and a quick ratio of 0.51. The company’s fifty day moving average is C$58.11 and its 200-day moving average is C$56.32.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 31st were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.8%. The ex-dividend date was Monday, December 15th. Ovintiv’s payout ratio is 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.