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

Ovintiv Inc. (NYSE:OVV) announced a quarterly dividend on Wednesday, February 26th, NASDAQ Dividends reports. Shareholders of record on Friday, March 14th will be given a dividend of 0.30 per share on Monday, March 31st. This represents a $1.20 annualized dividend and a yield of 2.78%. The ex-dividend date of this dividend is Friday, March 14th.

Ovintiv has increased its dividend 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 Stock Performance

Shares of OVV traded up $1.29 during midday trading on Thursday, reaching $43.19. The stock had a trading volume of 5,226,962 shares, compared to its average volume of 2,584,838. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a 50 day simple moving average of $42.81 and a 200-day simple moving average of $42.13. The firm has a market cap of $11.24 billion, a PE ratio of 5.73 and a beta of 2.60. Ovintiv has a one year low of $36.90 and a one year high of $55.95.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Bank of America raised Ovintiv from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Truist Financial boosted their target price on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Mizuho dropped their price target on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. National Bankshares lifted their price objective on shares of Ovintiv from $51.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, January 30th. Finally, Citigroup decreased their price objective on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a report on Tuesday, November 26th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price 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.