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

Ovintiv Inc. (NYSE:OVV - Get Free Report) announced a quarterly dividend on Thursday, November 7th,Zacks Dividends reports. Shareholders of record on Friday, December 13th will be given a dividend of 0.30 per share on Tuesday, December 31st. This represents a $1.20 annualized dividend and a yield of 2.78%. The ex-dividend date is Friday, December 13th.

Ovintiv has increased its dividend payment by an average of 45.3% annually over the last three years. Ovintiv has a payout ratio of 23.9% indicating that its dividend is sufficiently covered by earnings. Analysts expect Ovintiv to earn $4.83 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 24.8%.

Ovintiv Stock Up 3.9 %

Shares of NYSE OVV traded up $1.62 during mid-day trading on Friday, reaching $43.17. 4,205,690 shares of the company traded hands, compared to its average volume of 3,058,182. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.44 and a current ratio of 0.44. The company's fifty day moving average is $40.52 and its two-hundred day moving average is $44.85. The stock has a market cap of $11.38 billion, a PE ratio of 6.09, a price-to-earnings-growth ratio of 7.99 and a beta of 2.62.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on OVV. Royal Bank of Canada lowered their price target on Ovintiv from $62.00 to $61.00 and set a "sector perform" rating on the stock in a research report on Thursday, August 1st. Mizuho lowered their target price on Ovintiv from $60.00 to $58.00 and set an "outperform" rating on the stock in a report on Wednesday, October 9th. Morgan Stanley cut their price target on Ovintiv from $53.00 to $51.00 and set an "equal weight" rating for the company in a report on Monday, September 16th. Evercore ISI lowered their price objective on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a research note on Monday, September 30th. Finally, Citigroup dropped their target price on shares of Ovintiv from $58.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, October 7th. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $57.00.

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.