Ovintiv Inc. (TSE:OVV) Receives Average Recommendation of “Strong Buy” from Brokerages

Shares of Ovintiv Inc. (TSE:OVV) have received a consensus rating of “Strong Buy” from the ten analysts that are covering the firm, MarketBeat Ratings reports. Two equities research analysts have rated the stock with a hold rating, one has issued a buy rating and seven have assigned a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is C$75.00.

Several equities analysts have issued reports on OVV shares. Citigroup raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$70.00 price objective on the stock in a research note on Wednesday, May 20th. Texas Capital upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Thursday, June 25th. Finally, Wells Fargo & Company upgraded Ovintiv from a “hold” rating to a “strong-buy” rating and set a C$80.00 target price on the stock in a research report on Monday, June 22nd.

Ovintiv Price Performance

Shares of TSE:OVV opened at C$85.24 on Friday. Ovintiv has a one year low of C$50.13 and a one year high of C$86.86. The stock has a market capitalization of C$23.95 billion, a price-to-earnings ratio of 28.04, a PEG ratio of 0.05 and a beta of 0.39. The company has a 50-day simple moving average of C$78.72 and a 200-day simple moving average of C$73.11. The company has a debt-to-equity ratio of 66.59, a quick ratio of 0.51 and a current ratio of 0.56.

Ovintiv (TSE:OVV) last issued its quarterly earnings results on Monday, May 11th. The company reported C($3.27) earnings per share (EPS) for the quarter. Ovintiv had a net margin of 8.59% and a return on equity of 7.13%. The company had revenue of C$3.52 billion during the quarter. On average, analysts predict that Ovintiv will post 5.6577693 EPS for the current year.

Ovintiv Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Tuesday, June 30th were issued a $0.30 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.20 dividend on an annualized basis and a yield of 1.4%. Ovintiv’s dividend payout ratio (DPR) 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.