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

Ovintiv Inc. (NYSE:OVV) declared a quarterly dividend on Thursday, November 7th,Zacks Dividends reports. Investors of record on Friday, December 13th will be paid a dividend of 0.30 per share on Tuesday, December 31st. This represents a $1.20 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date is Friday, December 13th.

Ovintiv has increased its dividend payment by an average of 45.3% annually over the last three years. Ovintiv has a payout ratio of 23.9% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Ovintiv to earn $4.83 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 24.8%.

Ovintiv Stock Up 3.9 %

Shares of NYSE:OVV traded up $1.62 during trading hours on Friday, reaching $43.17. The stock had a trading volume of 4,205,690 shares, compared to its average volume of 3,058,182. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The firm’s 50 day moving average is $40.51 and its 200-day moving average is $44.91. The stock has a market capitalization of $11.38 billion, a price-to-earnings ratio of 6.09, a P/E/G ratio of 7.99 and a beta of 2.62. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44.

Wall Street Analysts Forecast Growth

OVV has been the topic of several recent analyst reports. Siebert Williams Shank raised Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Wells Fargo & Company cut their target price on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 1st. JPMorgan Chase & Co. reduced their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Scotiabank raised their target price on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research report on Friday, July 12th. Finally, Evercore ISI dropped their price target on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a research report on Monday, September 30th. Five investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus price target of $57.00.

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.