Ovintiv Inc. (NYSE:OVV) Shares Set to Pay Quarterly Dividend of $0.30

Key Points

• Ovintiv declared a quarterly dividend of $0.30 per share, payable December 31 to shareholders of record December 15. The annualized dividend is $1.20, representing a 1.8% yield.
• The dividend appears well covered: the current payout ratio is 21.7%, and analysts’ expected earnings imply a 14.9% payout ratio next year. Ovintiv has raised its dividend for four consecutive years.
• Analysts give Ovintiv a consensus “Moderate Buy” rating, with an average price target of $72.32.

Ovintiv Inc. (NYSE:OVV - Get Free Report) declared a quarterly dividend on Tuesday, November 3rd. Shareholders of record on Tuesday, December 15th will be given a dividend of $0.30 per share on Thursday, December 31st. This represents a $1.20 annualized dividend and a yield of 1.8%. The ex-dividend date is Tuesday, December 15th.

Ovintiv has raised its dividend by an average of 0.2% annually over the last three years and has raised its dividend annually for the last 4 consecutive years. Ovintiv has a dividend payout ratio of 21.7% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Ovintiv to earn $8.08 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 14.9%.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $66.25 on Wednesday. The company's fifty day moving average is $65.01 and its two-hundred day moving average is $57.69. The company has a quick ratio of 1.01, a current ratio of 1.01 and a debt-to-equity ratio of 0.32. Ovintiv has a 12-month low of $35.47 and a 12-month high of $73.61. The company has a market cap of $18.25 billion, a P/E ratio of 11.00 and a beta of 0.57.

Wall Street Analyst Weigh In

OVV has been the topic of several recent analyst reports. Citigroup upped their price target on Ovintiv from $66.00 to $68.00 and gave the company a "buy" rating in a research report on Wednesday, July 29th. UBS Group reaffirmed a "buy" rating and set a $85.00 target price on shares of Ovintiv in a research note on Monday, September 14th. Wall Street Zen raised Ovintiv from a "buy" rating to a "strong-buy" rating in a research note on Saturday, October 3rd. Stifel Nicolaus initiated coverage on shares of Ovintiv in a research report on Wednesday, September 9th. They issued a "buy" rating and a $92.00 price target for the company. Finally, Scotia boosted their price objective on shares of Ovintiv from $70.00 to $75.00 and gave the company a "sector outperform" rating in a research report on Friday, October 2nd. Two investment analysts have rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Ovintiv has a consensus rating of "Moderate Buy" and a consensus target price of $72.32.

Ovintiv Company Profile

Ovintiv Inc is an independent energy company engaged in the exploration, development, production and marketing of oil, condensate, natural gas liquids and natural gas. The company's operations are focused on North America, with production and resource development activities in the United States and Canada.

Ovintiv's U.S. operations include assets in the Permian Basin of Texas and New Mexico and the Uinta Basin of Utah. In Canada, the company's portfolio includes the Montney and Horn River natural gas and liquids-rich plays in British Columbia and Alberta.

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