Scotiabank Downgrades Ovintiv (TSE:OVV) to Hold

Ovintiv (TSE:OVV) was downgraded by research analysts at Scotiabank from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Roth Mkm upgraded Ovintiv to a “hold” rating in a research report on Monday, October 13th. Royal Bank Of Canada upgraded Ovintiv from a “hold” rating to a “moderate buy” rating in a research note on Wednesday, October 15th. Wells Fargo & Company raised Ovintiv to a “hold” rating in a report on Friday, October 17th. Finally, William Blair raised Ovintiv to a “strong-buy” rating in a report on Wednesday, November 26th. Four analysts have rated the stock with a Strong Buy rating, one has given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat, Ovintiv presently has a consensus rating of “Buy”.

Ovintiv Price Performance

OVV stock opened at C$56.42 on Tuesday. The firm has a 50 day moving average of C$54.77 and a 200-day moving average of C$55.07. The firm has a market capitalization of C$14.29 billion, a P/E ratio of 60.67, a price-to-earnings-growth ratio of 0.05 and a beta of 0.82. Ovintiv has a 12 month low of C$42.35 and a 12 month high of C$66.67. 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 (TSE:OVV) last posted its earnings results on Tuesday, November 4th. The company reported C$0.57 earnings per share for the quarter. Ovintiv had a net margin of 20.34% and a return on equity of 19.62%. The business had revenue of C$2.88 billion for the quarter. As a group, sell-side analysts predict that Ovintiv will post 5.6577693 earnings per share for the current fiscal year.

About Ovintiv

Ovintiv Inc is a leading North American exploration and production (E&P) company focused on developing its high-quality, multi-basin portfolio. Ovintiv works to safely produce crude oil and natural gas-products that make modern life possible for all. The Company is focused on creating long-term shareholder value while contributing to the strength and sustainability of the communities where it operates.