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

Ovintiv Inc. (NYSE:OVV) announced a quarterly dividend on Tuesday, November 3rd. Investors 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 dividend on an annualized basis and a yield of 1.8%. The ex-dividend date of this dividend is Tuesday, December 15th.

Ovintiv has raised its dividend by an average of 0.2% annually over the last three years and has increased its dividend every year for the last 4 years. Ovintiv has a dividend payout ratio of 21.7% meaning its dividend is sufficiently covered by earnings. 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 Trading Down 2.3%

Shares of OVV opened at $66.25 on Wednesday. The stock has a fifty day moving average price of $65.01 and a two-hundred day moving average price of $57.69. The company has a debt-to-equity ratio of 0.32, a quick ratio of 1.01 and a current ratio of 1.01. Ovintiv has a 52-week low of $35.47 and a 52-week high of $73.61. The company has a market cap of $18.25 billion, a price-to-earnings ratio of 11.00 and a beta of 0.57.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of research reports. Morgan Stanley raised their target price on Ovintiv from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Thursday, October 15th. Citigroup upped their price target on shares of Ovintiv from $66.00 to $68.00 and gave the stock a “buy” rating in a research report on Wednesday, July 29th. Canadian Imperial Bank of Commerce raised their price objective on shares of Ovintiv from $65.00 to $75.00 and gave the company a “neutral” rating in a research report on Friday, October 9th. Weiss Ratings raised shares of Ovintiv from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 2nd. Finally, National Bank Financial boosted their target price on shares of Ovintiv from $94.00 to $95.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 28th. Two analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus target price of $72.32.

About Ovintiv

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.