Ovintiv (TSE:OVV) Reaches New 52-Week High – Here’s Why

Ovintiv Inc. (TSE:OVV)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as C$73.85 and last traded at C$72.72, with a volume of 331683 shares changing hands. The stock had previously closed at C$71.00.

Wall Street Analysts Forecast Growth

OVV has been the topic of a number of recent research reports. TD Cowen raised shares of Ovintiv to a “strong-buy” rating in a research report on Monday, February 9th. William Blair raised shares of Ovintiv to a “strong-buy” rating in a research report on Wednesday, November 26th. Scotiabank raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, February 11th. Finally, Stephens upgraded shares of Ovintiv to a “hold” rating in a report on Tuesday, February 3rd. Five analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Buy”.

Ovintiv Stock Performance

The business’s 50 day simple moving average is C$60.69 and its two-hundred day simple moving average is C$57.12. The company has a current ratio of 0.54, a quick ratio of 0.51 and a debt-to-equity ratio of 67.25. The firm has a market capitalization of C$20.76 billion, a P/E ratio of 15.33, a price-to-earnings-growth ratio of 0.05 and a beta of 1.06.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 31st will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, March 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 1.6%. Ovintiv’s dividend payout ratio (DPR) is presently 25.10%.

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.