Ovintiv (TSE:OVV) Trading 0.9% Higher – Should You Buy?

Ovintiv Inc. (TSE:OVV)’s share price rose 0.9% on Monday . The company traded as high as C$54.96 and last traded at C$54.83. Approximately 112,443 shares traded hands during mid-day trading, a decline of 11% from the average daily volume of 126,077 shares. The stock had previously closed at C$54.32.

Analyst Upgrades and Downgrades

Separately, Siebert Williams Shank upgraded Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. One equities research 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 company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of C$58.50.

Ovintiv Stock Performance

The stock’s 50-day moving average is C$58.70 and its 200 day moving average is C$59.69. The stock has a market cap of C$14.45 billion, a price-to-earnings ratio of 5.61, a P/E/G ratio of 0.05 and a beta of 2.63. The company has a debt-to-equity ratio of 67.70, a current ratio of 0.44 and a quick ratio of 0.51.

Ovintiv Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Tuesday, December 31st will be issued a $0.406 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.62 annualized dividend and a dividend yield of 2.96%. Ovintiv’s dividend payout ratio is currently 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.