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

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

Several other brokerages have also recently weighed in on OVV. Scotiabank raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Stephens raised shares of Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. TD Cowen raised shares of Ovintiv to a “strong-buy” rating in a report on Monday, February 9th. Finally, Truist Financial raised shares of Ovintiv to a “strong-buy” rating in a report on Monday, March 23rd. Six investment analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy”.

Ovintiv Stock Down 2.1%

Shares of TSE:OVV opened at C$81.97 on Wednesday. The firm’s 50 day moving average price is C$79.28 and its 200 day moving average price is C$65.59. The stock has a market cap of C$23.04 billion, a price-to-earnings ratio of 26.96, a price-to-earnings-growth ratio of 0.05 and a beta of 0.58. Ovintiv has a fifty-two week low of C$48.41 and a fifty-two week high of C$86.86. The company has a quick ratio of 0.51, a current ratio of 0.56 and a debt-to-equity ratio of 66.59.

Ovintiv (TSE:OVV) last issued its earnings results 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 predict that Ovintiv 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. Shareholders of record on Tuesday, March 31st were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a yield of 1.5%. Ovintiv’s dividend payout ratio (DPR) is presently 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.