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

Ovintiv Inc. (NYSE:OVV - Get Free Report) announced a quarterly dividend on Thursday, July 24th, RTT News reports. Shareholders of record on Monday, September 15th will be paid a dividend of 0.30 per share on Monday, September 29th. This represents a $1.20 dividend on an annualized basis and a yield of 2.80%. The ex-dividend date of this dividend is Monday, September 15th.

Ovintiv has a payout ratio of 21.7% meaning its dividend is sufficiently covered by earnings. Equities 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 Trading Up 3.6%

Shares of NYSE:OVV traded up $1.48 on Monday, hitting $42.91. The company had a trading volume of 1,535,259 shares, compared to its average volume of 3,599,390. The firm's 50-day simple moving average is $39.05 and its two-hundred day simple moving average is $39.58. Ovintiv has a 1 year low of $29.80 and a 1 year high of $48.35. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.42. The firm has a market capitalization of $11.15 billion, a price-to-earnings ratio of 18.99, a P/E/G ratio of 2.31 and a beta of 1.08.

Ovintiv (NYSE:OVV - Get Free Report) last posted its earnings results on Thursday, July 24th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.02). Ovintiv had a return on equity of 14.24% and a net margin of 6.46%. The company had revenue of $1.79 billion during the quarter, compared to analysts' expectations of $1.92 billion. Equities analysts anticipate that Ovintiv will post 5.59 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on OVV. Wells Fargo & Company lowered their price target on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating for the company in a research report on Monday, June 16th. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Barclays raised their price objective on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a research note on Friday. Scotiabank raised their price objective on shares of Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a research note on Friday, July 11th. Finally, TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a research note on Monday, July 7th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Ovintiv currently has an average rating of "Buy" and a consensus target price of $53.94.

Institutional Trading of Ovintiv

Several large investors have recently added to or reduced their stakes in OVV. Integrated Wealth Concepts LLC lifted its holdings in shares of Ovintiv by 70.9% in the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company's stock worth $391,000 after buying an additional 3,788 shares in the last quarter. Great Lakes Advisors LLC purchased a new position in shares of Ovintiv in the first quarter worth $202,000. Focus Partners Wealth lifted its holdings in shares of Ovintiv by 49.3% in the first quarter. Focus Partners Wealth now owns 19,282 shares of the company's stock worth $825,000 after buying an additional 6,364 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its position in Ovintiv by 47.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company's stock worth $78,000 after purchasing an additional 589 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

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.