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

Ovintiv Inc. (NYSE:OVV) announced a quarterly dividend on Tuesday, July 30th, Zacks reports. Stockholders of record on Friday, September 13th will be paid a dividend of 0.30 per share on Friday, September 27th. This represents a $1.20 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend is Friday, September 13th.

Ovintiv has raised its dividend by an average of 45.3% per year over the last three years. Ovintiv has a dividend payout ratio of 16.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Ovintiv to earn $6.52 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 18.4%.

Ovintiv Trading Up 0.1 %

OVV opened at $46.50 on Thursday. The firm has a market cap of $12.41 billion, a price-to-earnings ratio of 6.49, a price-to-earnings-growth ratio of 7.54 and a beta of 2.63. Ovintiv has a 52 week low of $39.68 and a 52 week high of $55.95. The business’s 50 day moving average is $47.37 and its two-hundred day moving average is $48.11. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.53.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, topping the consensus estimate of $1.32 by $0.12. The company had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.58 billion. Ovintiv had a return on equity of 18.40% and a net margin of 18.56%. On average, research analysts predict that Ovintiv will post 5.7 EPS for the current year.

Analyst Ratings Changes

Several brokerages have weighed in on OVV. Mizuho lifted their target price on Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, May 13th. TD Cowen lifted their price target on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, June 10th. Truist Financial decreased their price target on Ovintiv from $68.00 to $60.00 and set a “buy” rating on the stock in a research note on Monday, July 22nd. Wells Fargo & Company decreased their price target on Ovintiv from $52.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Thursday. Finally, Evercore ISI restated an “outperform” rating and issued a $60.00 price target on shares of Ovintiv in a research note on Wednesday, July 10th. Five analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and an average price target of $60.28.

Insider Activity at Ovintiv

In related news, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the transaction, the director now directly owns 45,279 shares in the company, valued at $2,315,568.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Ovintiv news, Director Howard John Mayson sold 4,000 shares of the company’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the completion of the sale, the director now directly owns 45,279 shares in the company, valued at $2,315,568.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the sale, the director now owns 8,929 shares of the company’s stock, valued at $446,450. The disclosure for this sale can be found here. Insiders own 1.70% of the company’s stock.

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.