Ovintiv (TSE:OVV) Raised to Strong-Buy at Evercore ISI

Evercore ISI upgraded shares of Ovintiv (TSE:OVV) from a hold rating to a strong-buy rating in a research report sent to investors on Wednesday, Zacks.com reports.

Separately, National Bankshares lifted their target price on Ovintiv from C$59.00 to C$68.00 and gave the company an outperform rating in a research report on Friday, April 19th.

Ovintiv Stock Up 1.9 %

Shares of Ovintiv stock opened at C$65.65 on Wednesday. The business’s 50 day simple moving average is C$66.07 and its 200 day simple moving average is C$64.79. Ovintiv has a 52-week low of C$50.11 and a 52-week high of C$76.63. The firm has a market cap of C$17.53 billion, a PE ratio of 6.69, a P/E/G ratio of 0.05 and a beta of 2.67. The company has a debt-to-equity ratio of 69.30, a quick ratio of 0.51 and a current ratio of 0.52.

Ovintiv (TSE:OVV) last announced its earnings results on Tuesday, May 7th. The company reported C$1.94 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of C$1.80 by C$0.14. Ovintiv had a return on equity of 21.33% and a net margin of 18.52%. The business had revenue of C$3.17 billion for the quarter, compared to analyst estimates of C$3.53 billion. On average, analysts predict that Ovintiv will post 8.5701299 earnings per share for the current fiscal year.

Ovintiv Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 28th. Shareholders of record on Friday, June 28th were given a dividend of $0.413 per share. This is a positive change from Ovintiv’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, June 14th. This represents a $1.65 annualized dividend and a dividend yield of 2.52%. Ovintiv’s payout ratio is 16.70%.

About Ovintiv

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.