Ovintiv Inc. (NYSE:OVV) Announces $0.30 Quarterly Dividend

Ovintiv Inc. (NYSE:OVV) announced a quarterly dividend on Wednesday, February 26th, NASDAQ Dividends reports. Shareholders of record on Friday, March 14th will be paid a dividend of 0.30 per share on Monday, March 31st. This represents a $1.20 annualized dividend and a dividend yield of 2.78%. The ex-dividend date is Friday, March 14th.

Ovintiv has increased its dividend payment by an average of 36.9% per year over the last three years. Ovintiv has a payout ratio of 18.3% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Ovintiv to earn $5.39 per share next year, which means the company should continue to be able to cover its $1.20 annual dividend with an expected future payout ratio of 22.3%.

Ovintiv Trading Up 3.1 %

Shares of OVV traded up $1.29 on Thursday, hitting $43.19. 5,226,962 shares of the stock traded hands, compared to its average volume of 2,584,838. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The stock’s 50 day moving average is $42.81 and its two-hundred day moving average is $42.13. The firm has a market capitalization of $11.24 billion, a P/E ratio of 5.73 and a beta of 2.60. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Analyst Ratings Changes

OVV has been the topic of a number of analyst reports. Mizuho decreased their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Citigroup decreased their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. National Bankshares lifted their price target on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, January 30th. Scotiabank lifted their price target on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday, November 18th. Finally, Bank of America upgraded shares of Ovintiv from a “neutral” rating to a “buy” rating and decreased their price target for the company from $55.00 to $54.00 in a report on Monday, January 13th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $56.88.

About Ovintiv

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.