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

Ovintiv Inc. (NYSE:OVV) announced a quarterly dividend on Wednesday, February 26th, NASDAQ Dividends reports. Investors 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 of this dividend is Friday, March 14th.

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

Shares of NYSE OVV traded up $1.29 during midday trading on Thursday, reaching $43.19. The company’s stock had a trading volume of 5,226,962 shares, compared to its average volume of 2,584,838. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The company has a 50 day moving average price of $42.81 and a 200 day moving average price of $42.13. Ovintiv has a one year low of $36.90 and a one year high of $55.95. The company has a market cap of $11.24 billion, a price-to-earnings ratio of 5.73 and a beta of 2.60.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on OVV shares. National Bankshares boosted their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Bank of America raised shares of Ovintiv from a “neutral” rating to a “buy” rating and decreased their target price for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Barclays boosted their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock an “overweight” rating in a research report on Thursday, January 30th. Wells Fargo & Company decreased their target price on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 17th. Finally, Truist Financial boosted their target price on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research report on Monday, January 13th. Four 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 company. According to data from MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus target price of $56.88.

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.