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

Ovintiv Inc. (NYSE:OVV) declared 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 of this dividend is Friday, June 14th.

Ovintiv has increased its dividend by an average of 45.3% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Ovintiv has a dividend payout ratio of 16.4% meaning its dividend is sufficiently covered by earnings. 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 0.9 %

Ovintiv stock traded up $0.44 during midday trading on Thursday, reaching $51.35. The stock had a trading volume of 1,158,872 shares, compared to its average volume of 3,026,730. The firm’s fifty day simple moving average is $51.85 and its two-hundred day simple moving average is $46.71. The firm has a market cap of $13.81 billion, a price-to-earnings ratio of 6.45 and a beta of 2.65. Ovintiv has a twelve month low of $32.07 and a twelve month 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.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share for the quarter, beating the consensus estimate of $1.94 by $0.41. The firm had revenue of $3.17 billion for the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. Equities analysts anticipate that Ovintiv will post 6.13 EPS for the current fiscal year.

Insider Activity at Ovintiv

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

Analyst Ratings Changes

A number of research firms have recently weighed in on OVV. Royal Bank of Canada raised their price target on Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 29th. Mizuho reaffirmed a “buy” rating and issued a $58.00 price target on shares of Ovintiv in a research report on Thursday, April 4th. Jefferies Financial Group boosted their target price on shares of Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a research report on Friday, April 12th. National Bankshares decreased their target price on Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, January 10th. Finally, Scotiabank dropped their price objective on shares of Ovintiv from $53.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, January 16th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $56.71.

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.