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

Ovintiv Inc. (NYSE:OVV) declared 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 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date of this dividend is Friday, December 13th.

Ovintiv has raised its dividend payment by an average of 45.3% annually over the last three years. Ovintiv has a dividend payout ratio of 25.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Ovintiv to earn $4.92 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 24.4%.

Ovintiv Trading Down 0.0 %

Shares of OVV stock opened at $41.34 on Wednesday. The business has a 50-day moving average price of $42.40 and a two-hundred day moving average price of $43.71. Ovintiv has a 12-month low of $36.90 and a 12-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 firm has a market cap of $10.76 billion, a P/E ratio of 5.48 and a beta of 2.63.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on OVV. JPMorgan Chase & Co. dropped their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, September 12th. Truist Financial boosted their price objective on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a report on Friday, November 15th. Morgan Stanley reduced their target price on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a report on Monday, September 16th. Citigroup lowered their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a research note on Tuesday, November 26th. Finally, Evercore ISI cut their price target on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research report on Monday, September 30th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.47.

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.