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

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

Ovintiv has increased its dividend by an average of 36.9% annually over the last three years. Ovintiv has a dividend payout ratio of 18.3% indicating that its dividend is sufficiently covered by earnings. 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 %

OVV stock traded up $1.29 during midday trading on Thursday, reaching $43.19. The stock had a trading volume of 5,226,962 shares, compared to its average volume of 2,584,838. The firm has a market cap of $11.24 billion, a price-to-earnings ratio of 5.73 and a beta of 2.60. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The business has a fifty day simple moving average of $42.81 and a two-hundred day simple moving average of $42.13.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of recent research reports. Truist Financial boosted their price target on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday, January 13th. Mizuho dropped their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Scotiabank lifted their price objective on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research note on Monday, November 18th. Finally, National Bankshares increased their target price on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price 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.