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

Ovintiv Inc. (NYSE:OVV) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Stockholders of record on Friday, June 14th will be given a dividend of 0.30 per share on Friday, June 28th. This represents a $1.20 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Friday, June 14th.

Ovintiv has raised its dividend by an average of 45.3% annually over the last three years and has raised its dividend every year for the last 3 years. Ovintiv has a payout ratio of 16.4% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Ovintiv to earn $6.86 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 17.5%.

Ovintiv Trading Up 0.6 %

Shares of OVV traded up $0.33 during trading hours on Thursday, hitting $51.24. 989,346 shares of the stock were exchanged, compared to its average volume of 3,024,955. Ovintiv has a fifty-two week low of $32.07 and a fifty-two week high of $55.95. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60. The business has a 50-day moving average of $51.85 and a 200-day moving average of $46.71. The firm has a market capitalization of $13.78 billion, a P/E ratio of 6.45 and a beta of 2.65.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, topping analysts’ consensus estimates of $1.94 by $0.41. The business had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $2.75 billion. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%. On average, research analysts expect that Ovintiv will post 6.13 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on OVV shares. Morgan Stanley raised their price target on shares of Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a research report on Monday, April 15th. National Bankshares reduced their price objective on shares of Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, January 10th. Barclays started coverage on shares of Ovintiv in a research note on Wednesday, April 10th. They set an “overweight” rating and a $69.00 price objective for the company. UBS Group boosted their price target on shares of Ovintiv from $62.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Finally, Wells Fargo & Company cut their price target on shares of Ovintiv from $46.00 to $44.00 and set an “equal weight” rating for the company in a research note on Wednesday, January 17th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $56.71.

Insiders Place Their Bets

In other Ovintiv news, Director Howard John Mayson sold 6,000 shares of the business’s stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the transaction, the director now owns 36,840 shares of the company’s stock, valued at approximately $1,862,630.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the completion of the transaction, the executive vice president now directly owns 23,672 shares in the company, valued at approximately $1,206,325.12. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Howard John Mayson sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the transaction, the director now owns 36,840 shares of the company’s stock, valued at $1,862,630.40. The disclosure for this sale can be found here. In the last 90 days, insiders sold 91,564 shares of company stock valued at $4,660,818. 0.97% of the stock is owned by insiders.

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.