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

Ovintiv Inc. (NYSE:OVV) announced a quarterly dividend on Tuesday, May 7th, Zacks reports. Shareholders 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 annualized dividend and a yield of 2.34%. The ex-dividend date is Friday, June 14th.

Ovintiv has increased its dividend by an average of 45.3% annually over the last three years and has raised its dividend annually for the last 3 consecutive years. Ovintiv has a payout ratio of 16.4% indicating that its dividend is sufficiently covered by earnings. Equities 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

Shares of OVV traded up $0.44 during mid-day trading on Thursday, hitting $51.35. The company’s stock had a trading volume of 1,158,872 shares, compared to its average volume of 3,026,730. Ovintiv has a fifty-two week low of $32.07 and a fifty-two week high of $55.95. The stock has a market capitalization of $13.81 billion, a price-to-earnings ratio of 6.45 and a beta of 2.65. The firm has a 50-day moving average price of $51.85 and a 200 day moving average price of $46.71. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $1.94 by $0.41. The company had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $2.75 billion. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. On average, research analysts predict that Ovintiv will post 6.13 EPS for the current fiscal year.

Insider Transactions at Ovintiv

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the completion of the sale, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Howard John Mayson sold 6,000 shares of Ovintiv stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the sale, the director now directly owns 36,840 shares in the company, valued at $1,862,630.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $50.96, for a total value of $3,886,413.44. Following the completion of the transaction, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 91,564 shares of company stock worth $4,660,818. 0.97% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

OVV has been the subject of a number of recent analyst reports. Jefferies Financial Group raised their price objective on shares of Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a research note on Friday, April 12th. Morgan Stanley upped their target price on Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a report on Monday, April 15th. Wells Fargo & Company reduced their price target on shares of Ovintiv from $46.00 to $44.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 17th. National Bankshares lowered their price objective on shares of Ovintiv from $69.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 10th. Finally, Scotiabank cut their target price on shares of Ovintiv from $53.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, January 16th. Four research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $56.71.

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.