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

Scotiabank upgraded shares of Ovintiv (TSE:OVV) to a strong-buy rating in a research note issued to investors on Wednesday morning,Zacks.com reports.

Ovintiv Stock Performance

Shares of OVV stock opened at C$59.60 on Wednesday. The firm’s 50 day moving average is C$61.41 and its 200 day moving average is C$58.90. The stock has a market capitalization of C$10.84 billion, a P/E ratio of 5.46, a PEG ratio of 0.05 and a beta of 2.63. Ovintiv has a 12 month low of C$49.74 and a 12 month high of C$76.63. The company has a current ratio of 0.52, a quick ratio of 0.51 and a debt-to-equity ratio of 63.59.

Ovintiv Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 31st will be given a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, March 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.01%. Ovintiv’s dividend payout ratio (DPR) is currently 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.