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

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

Ovintiv has increased its dividend by an average of 45.3% per year over the last three years. Ovintiv has a dividend 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 Performance

Shares of NYSE:OVV opened at $43.17 on Friday. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The stock has a market capitalization of $11.38 billion, a price-to-earnings ratio of 6.09, a price-to-earnings-growth ratio of 7.99 and a beta of 2.62. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The company’s 50 day simple moving average is $40.51 and its 200 day simple moving average is $44.91.

Analysts Set New Price Targets

OVV has been the topic of a number of recent analyst reports. Wolfe Research assumed coverage on Ovintiv in a research report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 target price on the stock. Citigroup cut their target price on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a research report on Monday, October 7th. Royal Bank of Canada dropped their price target on Ovintiv from $62.00 to $61.00 and set a “sector perform” rating for the company in a research note on Thursday, August 1st. Evercore ISI lowered their target price on Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Finally, Truist Financial reduced their target price on shares of Ovintiv from $62.00 to $47.00 and set a “buy” rating on the stock in a report on Monday, September 30th. Five 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 company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price 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.