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

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 dividend on an annualized basis and a 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% per year over the last three years. Ovintiv has a dividend payout ratio of 18.3% meaning 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 Price Performance

Shares of OVV opened at $43.19 on Friday. The business’s 50-day moving average is $42.92 and its 200-day moving average is $42.13. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52. The company has a market capitalization of $11.24 billion, a price-to-earnings ratio of 5.73 and a beta of 2.60. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95.

Analyst Ratings Changes

A number of equities research analysts have issued reports on OVV shares. Truist Financial increased 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. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $55.00 to $54.00 in a report on Monday, January 13th. Scotiabank boosted their target price on Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday, November 18th. UBS Group cut their price target on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research note on Monday, December 9th. Finally, Wells Fargo & Company cut their price objective on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 17th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Ovintiv has an average rating of “Moderate Buy” and a consensus price target 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.