Ovintiv Inc. (TSE:OVV) Announces Dividend Increase – $0.41 Per Share

Ovintiv Inc. (TSE:OVV) declared a quarterly dividend on Tuesday, May 7th, Zacks reports. Shareholders of record on Friday, June 14th will be paid a dividend of 0.413 per share on Friday, June 28th. This represents a $1.65 dividend on an annualized basis and a dividend yield of 2.37%. The ex-dividend date of this dividend is Friday, June 14th. This is an increase from Ovintiv’s previous quarterly dividend of $0.40.

Ovintiv Price Performance

Shares of Ovintiv stock traded down C$0.06 on Thursday, hitting C$69.80. The company’s stock had a trading volume of 58,932 shares, compared to its average volume of 126,943. The company has a market capitalization of C$18.77 billion, a price-to-earnings ratio of 6.47, a price-to-earnings-growth ratio of 0.05 and a beta of 2.69. The firm has a fifty day moving average price of C$70.60 and a 200-day moving average price of C$63.35. The company has a debt-to-equity ratio of 64.45, a quick ratio of 0.51 and a current ratio of 0.60. Ovintiv has a 1 year low of C$43.23 and a 1 year high of C$76.63.

Ovintiv (TSE:OVV) last announced its earnings results on Tuesday, February 27th. The company reported C$3.20 earnings per share for the quarter, topping the consensus estimate of C$2.61 by C$0.59. The business had revenue of C$4.31 billion during the quarter, compared to the consensus estimate of C$3.69 billion. Ovintiv had a return on equity of 23.09% and a net margin of 19.56%. As a group, sell-side analysts anticipate that Ovintiv will post 8.1245634 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on OVV. Royal Bank of Canada upped their price target on shares of Ovintiv from C$48.00 to C$49.00 and gave the stock a “sector perform” rating in a research report on Thursday, February 29th. National Bankshares raised their target price on Ovintiv from C$59.00 to C$68.00 and gave the company an “outperform” rating in a research report on Friday, April 19th.

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.