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

Ovintiv Inc. (NYSE:OVV) declared a quarterly dividend on Monday, February 23rd. Investors of record on Friday, March 13th will be given a dividend of 0.30 per share on Tuesday, March 31st. This represents a c) annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Friday, March 13th.

Ovintiv has increased its dividend by an average of 0.3%per year over the last three years and has increased its dividend every year for the last 4 years. Ovintiv has a payout ratio of 21.7% indicating that its dividend is sufficiently covered by earnings. 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 Down 0.7%

Shares of Ovintiv stock traded down $0.36 on Tuesday, reaching $50.48. The company’s stock had a trading volume of 1,475,475 shares, compared to its average volume of 4,761,250. Ovintiv has a 52 week low of $29.80 and a 52 week high of $51.60. The firm’s fifty day simple moving average is $41.90 and its two-hundred day simple moving average is $40.56. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The company has a market capitalization of $12.78 billion, a price-to-earnings ratio of 55.37, a P/E/G ratio of 2.84 and a beta of 0.78.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Monday, February 23rd. The company reported $1.39 EPS for the quarter, beating the consensus estimate of $0.98 by $0.41. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%.The company had revenue of $1.89 billion for the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the firm posted ($0.23) earnings per share. Equities analysts anticipate that Ovintiv will post 5.59 earnings per share for the current year.

Analyst Ratings Changes

Several brokerages recently issued reports on OVV. Royal Bank Of Canada restated an “outperform” rating and issued a $55.00 target price on shares of Ovintiv in a report on Thursday, February 19th. Evercore reiterated an “outperform” rating and set a $47.00 price objective on shares of Ovintiv in a research report on Thursday, November 6th. UBS Group increased their target price on Ovintiv from $55.00 to $58.00 and gave the company a “buy” rating in a report on Wednesday, February 18th. Citigroup reduced their price target on shares of Ovintiv from $54.00 to $52.00 and set a “buy” rating for the company in a research report on Tuesday, November 18th. Finally, Wells Fargo & Company boosted their target price on shares of Ovintiv from $38.00 to $42.00 and gave the company an “equal weight” rating in a research report on Tuesday, November 18th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $51.67.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.