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

Ovintiv Inc. (NYSE:OVV) declared a quarterly dividend on Tuesday, May 7th, Zacks reports. Stockholders of record on Friday, June 14th will be given a dividend of 0.30 per share on Friday, June 28th. This represents a $1.20 annualized dividend and a dividend yield of 2.34%. The ex-dividend date is Friday, June 14th.

Ovintiv has raised its dividend 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 16.4% 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 Trading Up 0.6 %

Shares of OVV traded up $0.33 during midday trading on Thursday, reaching $51.24. The company had a trading volume of 989,346 shares, compared to its average volume of 3,024,955. The firm has a 50 day simple moving average of $51.85 and a 200-day simple moving average of $46.71. Ovintiv has a 1-year low of $32.07 and a 1-year high of $55.95. The stock has a market cap of $13.78 billion, a PE ratio of 6.45 and a beta of 2.65. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.53.

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

Wall Street Analyst Weigh In

A number of equities analysts have commented on OVV shares. Barclays assumed coverage on Ovintiv in a research note on Wednesday, April 10th. They issued an “overweight” rating and a $69.00 price objective on the stock. Mizuho reaffirmed a “buy” rating and issued a $58.00 price target on shares of Ovintiv in a research note on Thursday, April 4th. Citigroup increased their target price on Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. UBS Group increased their target price on Ovintiv from $62.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Finally, The Goldman Sachs Group raised their price target on shares of Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a research note on Tuesday, March 26th. Four investment 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 company has a consensus rating of “Moderate Buy” and a consensus target price of $56.71.

Insider Activity at Ovintiv

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the firm’s stock in a transaction 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 completion of 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 filing with the SEC, which can be accessed through this link. In other Ovintiv news, EVP Rachel Maureen Moore sold 9,300 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.65, for a total value of $471,045.00. Following the completion of the transaction, the executive vice president now directly owns 52,557 shares in the company, valued at $2,662,012.05. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the business’s stock in a transaction dated 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 transaction, the executive vice president now owns 23,672 shares of the company’s stock, valued at $1,206,325.12. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 91,564 shares of company stock valued at $4,660,818. 0.97% of the stock is owned by corporate insiders.

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.