Ovintiv (TSE:OVV) Sets New 52-Week Low - Here's What Happened

Ovintiv Inc. (TSE:OVV - Get Free Report)'s stock price hit a new 52-week low during mid-day 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 trading hands. The stock had previously closed at C$55.00.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on OVV. Scotiabank raised shares of Ovintiv to a "strong-buy" rating in a research note on Wednesday, March 19th. BMO Capital Markets upgraded shares of Ovintiv from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 24th. One research analyst has rated the stock with a buy rating and five have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Strong Buy" and a consensus target price of C$68.00.

Ovintiv Stock Up 9.4 %

The company has a market cap of C$8.84 billion, a PE ratio of 4.46, a price-to-earnings-growth ratio of 0.05 and a beta of 2.63. The business has a fifty day simple moving average of C$59.26 and a two-hundred day simple moving average of C$59.08. 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 firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Monday, March 31st were paid a dividend of $0.30 per share. The ex-dividend date was Friday, March 14th. This represents a $1.20 annualized dividend and a yield of 2.47%. Ovintiv's dividend payout ratio 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.