Ovintiv (TSE:OVV) Hits New 1-Year Low – Here’s What Happened

Ovintiv Inc. (TSE:OVV)’s stock price reached a new 52-week low during trading on Friday . The company traded as low as C$49.33 and last traded at C$49.33, with a volume of 79344 shares. The stock had previously closed at C$55.00.

Analysts Set New Price Targets

Several brokerages have weighed in on OVV. BMO Capital Markets upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 24th. Scotiabank upgraded Ovintiv to a “strong-buy” rating in a research note on Wednesday, March 19th. One analyst has rated the stock with a buy rating and five have assigned a strong buy rating to the company. According to MarketBeat, Ovintiv has an average rating of “Strong Buy” and an average price target of C$68.00.

Ovintiv Price Performance

The firm has a market cap of C$8.53 billion, a P/E ratio of 4.30, a PEG ratio of 0.05 and a beta of 2.63. The company has a debt-to-equity ratio of 63.59, a current ratio of 0.52 and a quick ratio of 0.51. The company’s 50-day moving average is C$60.34 and its two-hundred day moving average is C$59.26.

Ovintiv Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 31st were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date was Friday, March 14th. Ovintiv’s dividend payout ratio (DPR) is presently 14.85%.

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.