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

Ovintiv Inc. (NYSE:OVV - Get Free Report) declared a quarterly dividend on Tuesday, May 7th, Zacks reports. Stockholders of record on Friday, June 14th will be paid a dividend of 0.30 per share on Friday, June 28th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.36%. The ex-dividend date of this dividend is Friday, June 14th.

Ovintiv has increased its dividend payment by an average of 45.3% per year over the last three years and has raised its dividend every year for the last 3 years. Ovintiv has a dividend payout ratio of 16.6% indicating that 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 Price Performance

Ovintiv stock remained flat at $50.91 during trading hours on Thursday. The company's stock had a trading volume of 3,220,891 shares, compared to its average volume of 3,050,617. The company's fifty day simple moving average is $51.91 and its 200-day simple moving average is $46.74. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.60 and a current ratio of 0.60. The stock has a market cap of $13.69 billion, a P/E ratio of 6.46 and a beta of 2.65. Ovintiv has a 12-month low of $32.07 and a 12-month high of $55.95.

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

Insider Transactions at Ovintiv

In other news, EVP Rachel Maureen Moore sold 9,300 shares of Ovintiv stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $50.65, for a total transaction of $471,045.00. Following the sale, the executive vice president now directly owns 52,557 shares of the company's stock, valued at $2,662,012.05. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the company's stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the sale, the executive vice president now directly owns 23,672 shares in the company, valued at $1,206,325.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Rachel Maureen Moore sold 9,300 shares of the business's stock in a transaction on Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the completion of the transaction, the executive vice president now owns 52,557 shares in the company, valued at approximately $2,662,012.05. The disclosure for this sale can be found here. Insiders sold a total of 91,564 shares of company stock worth $4,660,818 in the last three months. Insiders own 0.97% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Morgan Stanley lifted their price objective on Ovintiv from $49.00 to $53.00 and gave the company an "equal weight" rating in a report on Monday, April 15th. UBS Group lifted their price objective on Ovintiv from $62.00 to $69.00 and gave the company a "buy" rating in a report on Thursday, April 11th. The Goldman Sachs Group upped their target price on shares of Ovintiv from $47.00 to $56.00 and gave the stock a "neutral" rating in a report on Tuesday, March 26th. Royal Bank of Canada upped their price objective on Ovintiv from $48.00 to $49.00 and gave the stock a "sector perform" rating in a report on Thursday, February 29th. Finally, Wells Fargo & Company decreased their price objective on Ovintiv from $46.00 to $44.00 and set an "equal weight" rating on the stock in a research report on Wednesday, January 17th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $56.71.

About Ovintiv

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.