Ovintiv (TSE:OVV) Stock Price Up 0.9% – Here’s Why

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

Analysts Set New Price Targets

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

Ovintiv Stock Performance

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

Ovintiv Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Tuesday, December 31st will be paid a $0.406 dividend. This represents a $1.62 annualized dividend and a dividend yield of 2.92%. The ex-dividend date is Friday, December 13th. Ovintiv’s payout ratio is presently 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.