Ovintiv (TSE:OVV) Trading 0.9% Higher – Still a Buy?

Shares of Ovintiv Inc. (TSE:OVV) shot up 0.9% during trading on Monday . The company traded as high as C$54.96 and last traded at C$54.83. 112,443 shares traded hands during trading, a decline of 11% from the average session volume of 126,077 shares. The stock had previously closed at C$54.32.

Wall Street Analysts Forecast Growth

Separately, Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research report on Tuesday, October 15th. One investment analyst has rated the stock with a hold rating, one has issued a buy rating and three have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average target price of C$58.50.

Ovintiv Stock Up 1.4 %

The firm has a 50-day moving average of C$58.59 and a two-hundred day moving average of C$59.59. The stock has a market capitalization of C$14.66 billion, a price-to-earnings ratio of 5.69, a price-to-earnings-growth ratio of 0.05 and a beta of 2.63. The company has a quick ratio of 0.51, a current ratio of 0.44 and a debt-to-equity ratio of 67.70.

Ovintiv Cuts Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st will be given a $0.406 dividend. This represents a $1.62 dividend on an annualized basis and a dividend yield of 2.92%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is 16.58%.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.