Ovintiv Inc. (TSE:OVV) Given Average Recommendation of "Strong Buy" by Brokerages

Key Points

• Analysts are broadly bullish on Ovintiv: Seven of ten analysts rate the stock a “strong buy,” with an average 12-month price target of C$75.00. Citigroup, Texas Capital, and Wells Fargo recently upgraded the company to “strong buy.”
• Ovintiv shares opened at C$88.34, near their 52-week high of C$90.93, and are above both the 50-day and 200-day moving averages.
• The company reported quarterly revenue of C$3.52 billion and negative EPS of C$3.27, while declaring a quarterly dividend of $0.30, equivalent to a 1.4% yield and a 33.52% payout ratio.

Shares of Ovintiv Inc. (TSE:OVV - Get Free Report) have earned a consensus recommendation of "Strong Buy" from the ten analysts that are covering the company, Marketbeat.com reports. Two equities research analysts have rated the stock with a hold recommendation, one has issued a buy recommendation and seven have assigned a strong buy recommendation to the company. The average 12 month price objective among analysts that have covered the stock in the last year is C$75.00.

A number of brokerages have issued reports on OVV. Citigroup upgraded Ovintiv from a "hold" rating to a "strong-buy" rating and set a C$70.00 price target on the stock in a research report on Wednesday, May 20th. Texas Capital upgraded Ovintiv to a "strong-buy" rating in a research report on Thursday, June 25th. Finally, Wells Fargo & Company raised Ovintiv from a "hold" rating to a "strong-buy" rating and set a C$80.00 target price for the company in a research note on Monday, June 22nd.

Ovintiv Stock Down 0.2%

OVV opened at C$88.34 on Wednesday. The company has a fifty day moving average of C$80.31 and a two-hundred day moving average of C$76.21. The stock has a market capitalization of C$24.43 billion, a price-to-earnings ratio of 24.68, a PEG ratio of 0.05 and a beta of 0.36. Ovintiv has a fifty-two week low of C$50.13 and a fifty-two week high of C$90.93. The company has a debt-to-equity ratio of 43.73, a quick ratio of 0.51 and a current ratio of 1.01.

Ovintiv (TSE:OVV - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported C($3.27) earnings per share (EPS) for the quarter. Ovintiv had a return on equity of 8.29% and a net margin of 9.51%.The firm had revenue of C$3.52 billion for the quarter. On average, research analysts expect that Ovintiv will post 5.6577693 earnings per share for the current year.

Ovintiv Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Tuesday, June 30th were issued a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend was Monday, June 15th. Ovintiv's payout ratio is presently 33.52%.

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.

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