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

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 3.00%.

Ovintiv has a dividend payout ratio of 21.7% indicating that 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 Price Performance

Shares of NYSE:OVV traded up $0.55 during trading on Thursday, hitting $40.02. 6,023,501 shares of the company's stock were exchanged, compared to its average volume of 2,827,800. The business's 50-day simple moving average is $38.97 and its 200 day simple moving average is $39.62. The company has a market cap of $10.40 billion, a price-to-earnings ratio of 17.03, a PEG ratio of 2.20 and a beta of 1.08. Ovintiv has a 52-week low of $29.80 and a 52-week high of $48.35. The company has a debt-to-equity ratio of 0.44, a current ratio of 0.43 and a quick ratio of 0.43.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Thursday, July 24th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.18 by ($0.16). Ovintiv had a net margin of 6.84% and a return on equity of 14.89%. As a group, equities analysts predict that Ovintiv will post 5.59 EPS for the current year.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently bought and sold shares of the company. Focus Partners Wealth increased its holdings in Ovintiv by 49.3% in the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company's stock worth $825,000 after buying an additional 6,364 shares during the period. Integrated Wealth Concepts LLC raised its stake in shares of Ovintiv by 70.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company's stock valued at $391,000 after buying an additional 3,788 shares during the last quarter. Great Lakes Advisors LLC acquired a new position in shares of Ovintiv in the 1st quarter valued at about $202,000. Finally, Geneos Wealth Management Inc. boosted its stake in shares of 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 buying an additional 589 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

OVV has been the subject of a number of research reports. Citigroup set a $54.00 price target on Ovintiv and gave the company a "buy" rating in a research note on Wednesday, July 2nd. TD Cowen upgraded shares of Ovintiv to a "strong-buy" rating in a research report on Monday, July 7th. Wells Fargo & Company decreased their target price on shares of Ovintiv from $46.00 to $41.00 and set an "equal weight" rating on the stock in a research report on Monday, June 16th. Barclays increased their price target on shares of Ovintiv from $53.00 to $55.00 and gave the company an "overweight" rating in a report on Monday, July 7th. Finally, Morgan Stanley reaffirmed an "overweight" rating and issued a $50.00 price objective on shares of Ovintiv in a research note on Tuesday, April 15th. Two analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $53.81.

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.

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