Ovintiv (NYSE:OVV) Announces Quarterly Dividend of $0.09

Ovintiv (NYSE:OVV) declared a quarterly dividend on Tuesday, July 28th, Zacks reports. Investors of record on Tuesday, September 15th will be given a dividend of 0.094 per share on Wednesday, September 30th. This represents a $0.38 annualized dividend and a yield of 3.85%. The ex-dividend date is Monday, September 14th.

Ovintiv has a payout ratio of -118.8% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Ovintiv to earn ($0.71) per share next year, which means the company may not be able to cover its $0.38 annual dividend with an expected future payout ratio of -53.5%.

Shares of OVV stock traded down $0.57 during mid-day trading on Thursday, hitting $9.77. The stock had a trading volume of 126,597 shares, compared to its average volume of 4,524,948. Ovintiv has a 12-month low of $2.10 and a 12-month high of $28.75. The company has a quick ratio of 1.04, a current ratio of 1.04 and a debt-to-equity ratio of 0.69. The stock has a 50-day moving average of $9.98. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of -0.67 and a beta of 4.00.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) EPS for the quarter, missing the consensus estimate of ($0.41) by ($0.02). The business had revenue of $726.00 million during the quarter, compared to the consensus estimate of $1.28 billion. Ovintiv had a negative net margin of 56.12% and a positive return on equity of 3.21%. Sell-side analysts predict that Ovintiv will post -0.13 earnings per share for the current fiscal year.

OVV has been the subject of several research analyst reports. Mizuho raised shares of Ovintiv from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $5.00 to $12.00 in a research report on Friday, June 19th. Citigroup initiated coverage on shares of Ovintiv in a research report on Monday, April 6th. They set a “hold” rating and a $3.75 price objective for the company. MKM Partners dropped their price target on Ovintiv from $13.00 to $12.00 and set a “buy” rating for the company in a research report on Thursday, May 21st. National Bank Financial increased their price objective on shares of Ovintiv from $14.00 to $15.00 and gave the company an “outperform” rating in a report on Wednesday. Finally, Bank of America raised shares of Ovintiv from a “neutral” rating to a “buy” rating and set a $8.00 price objective for the company in a report on Thursday, May 14th. Two analysts have rated the stock with a sell rating, sixteen have assigned a hold rating and five have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $12.89.

Ovintiv Company Profile

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