Ovintiv (TSE:OVV) Trading Up 1.7% - What's Next?

Key Points

• Ovintiv Inc. shares increased by 1.7%, closing at C$54.61 after trading as high as C$54.95, with a volume decrease of 17% from average daily trading.
• Both Goldman Sachs and TD Cowen upgraded Ovintiv to a "strong-buy" rating, with five analysts now rating the stock as a strong buy according to MarketBeat.
• The company recently declared a quarterly dividend of $0.30 per share, resulting in an annualized dividend of $1.20 and a yield of 2.2%.

Shares of Ovintiv Inc. (TSE:OVV - Get Free Report) traded up 1.7% during mid-day trading on Tuesday . The company traded as high as C$54.95 and last traded at C$54.61. 150,521 shares were traded during mid-day trading, a decline of 17% from the average session volume of 180,426 shares. The stock had previously closed at C$53.71.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. The Goldman Sachs Group upgraded Ovintiv from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 1st. TD Cowen raised Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Five equities research analysts have rated the stock with a strong buy rating, According to data from MarketBeat, Ovintiv presently has an average rating of "Strong Buy".

Ovintiv Stock Performance

The company's 50 day moving average is C$54.83 and its 200-day moving average is C$54.85. The company has a market capitalization of C$10.01 billion, a P/E ratio of 5.05, a price-to-earnings-growth ratio of 0.05 and a beta of 2.63. The company has a current ratio of 0.52, a quick ratio of 0.51 and a debt-to-equity ratio of 63.59.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 30th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.2%. The ex-dividend date was Friday, June 13th. Ovintiv's dividend payout ratio (DPR) is presently 14.85%.

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.