Ovintiv (TSE:OVV) Hits New 1-Year High - What's Next?

Key Points

• Ovintiv shares hit a new 52-week high, trading as high as C$87.75 after previously closing at C$85.24, reflecting strong recent momentum in the stock.
• Several analysts have turned notably bullish on the company, with Citigroup, Texas Capital, and Wells Fargo all upgrading Ovintiv to Strong Buy; the consensus rating is now Strong Buy with an average price target of C$75.00.
• The company recently reported quarterly earnings of C($3.27) per share on revenue of C$3.52 billion and also paid a quarterly dividend of $0.30 per share, implying a 1.4% annualized yield.

Ovintiv Inc. (TSE:OVV - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as C$87.75 and last traded at C$87.59, with a volume of 45916 shares traded. The stock had previously closed at C$85.24.

Analysts Set New Price Targets

A number of analysts have recently commented on OVV shares. Citigroup raised Ovintiv from a "hold" rating to a "strong-buy" rating and set a C$70.00 price target for the company in a research note on Wednesday, May 20th. Texas Capital raised shares of Ovintiv to a "strong-buy" rating in a research note on Thursday, June 25th. Finally, Wells Fargo & Company upgraded shares of Ovintiv from a "hold" rating to a "strong-buy" rating and set a C$80.00 price objective for the company in a report on Monday, June 22nd. Seven investment analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat.com, Ovintiv has an average rating of "Strong Buy" and an average price target of C$75.00.

Ovintiv Price Performance

The firm has a market cap of C$24.58 billion, a price-to-earnings ratio of 28.77, a P/E/G ratio of 0.05 and a beta of 0.39. The company has a current ratio of 0.56, a quick ratio of 0.51 and a debt-to-equity ratio of 66.59. The company has a 50 day moving average of C$78.72 and a 200 day moving average of C$73.11.

Ovintiv (TSE:OVV - Get Free Report) last posted its earnings results on Monday, May 11th. The company reported C($3.27) earnings per share for the quarter. Ovintiv had a return on equity of 7.13% and a net margin of 8.59%.The business had revenue of C$3.52 billion for the quarter. Equities research analysts predict that Ovintiv Inc. will post 5.6577693 EPS for the current fiscal year.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Tuesday, June 30th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Monday, June 15th. Ovintiv's 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.