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

Key Points

• Ovintiv hit a new 52-week high, trading as high as C$73.85 and last at C$72.72 on a volume of 331,683 shares.
• Several analysts have recently upgraded the stock (including TD Cowen, William Blair and Scotiabank), leaving a consensus rating of Buy with five Strong Buys, one Buy and three Holds.
• The company announced a quarterly dividend of $0.30 (annualized $1.20), implying a 1.6% yield and a dividend payout ratio of 25.1%.

Ovintiv Inc. (TSE:OVV - Get Free Report)'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.

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.