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Investment Thesis
Over the last 52 weeks, Ovintiv Inc. (OVV) has lost more than 93% of its value by market capitalization. The recent decline was triggered by falling energy demand from the growing COVID-19 pandemic and the Russia-Saudi Arabia price war. The rapid decline in share price has pushed up Ovintiv's dividend yield from 1.6% at the end of 2019 to almost 14% at current levels. While a robust hedging program and flexibility in the company's capital expenditure program will allow it some protection, the company's