Ovintiv Inc. (NYSE:OVV – Get Rating) announced a quarterly dividend on Monday, May 9th, Zacks reports. Shareholders of record on Wednesday, June 15th will be paid a dividend of 0.25 per share on Thursday, June 30th. This represents a $1.00 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date of this dividend is Tuesday, June 14th. This is a positive change from Ovintiv’s previous quarterly dividend of $0.20.
Ovintiv has a payout ratio of 5.9% meaning its dividend is sufficiently covered by earnings. Research analysts expect Ovintiv to earn $13.61 per share next year, which means the company should continue to be able to cover its $0.80 annual dividend with an expected future payout ratio of 5.9%.
OVV traded up $2.95 during mid-day trading on Wednesday, reaching $46.89. 360,242 shares of the company traded hands, compared to its average volume of 4,285,032. The stock has a market capitalization of $12.13 billion, a P/E ratio of -19.36 and a beta of 3.17. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.94. The company’s fifty day moving average price is $50.87 and its 200-day moving average price is $42.06. Ovintiv has a 52-week low of $21.92 and a 52-week high of $57.60.
Several hedge funds and other institutional investors have recently made changes to their positions in OVV. Morgan Stanley raised its position in Ovintiv by 44.1% in the 2nd quarter. Morgan Stanley now owns 1,856,845 shares of the company’s stock worth $58,435,000 after purchasing an additional 568,546 shares during the period. California State Teachers Retirement System raised its position in Ovintiv by 2.3% in the 4th quarter. California State Teachers Retirement System now owns 379,658 shares of the company’s stock worth $12,794,000 after purchasing an additional 8,618 shares during the period. Wells Fargo & Company MN raised its position in Ovintiv by 35.4% in the 4th quarter. Wells Fargo & Company MN now owns 375,111 shares of the company’s stock worth $12,642,000 after purchasing an additional 97,979 shares during the period. Legal & General Group Plc raised its position in Ovintiv by 6.5% in the 4th quarter. Legal & General Group Plc now owns 280,900 shares of the company’s stock worth $9,466,000 after purchasing an additional 17,241 shares during the period. Finally, Allianz Asset Management GmbH raised its position in Ovintiv by 8.7% in the 4th quarter. Allianz Asset Management GmbH now owns 177,573 shares of the company’s stock worth $5,984,000 after purchasing an additional 14,162 shares during the period. Hedge funds and other institutional investors own 76.96% of the company’s stock.
A number of brokerages have weighed in on OVV. Royal Bank of Canada boosted their target price on shares of Ovintiv from $50.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, March 14th. Bank of America lowered Ovintiv from a “buy” rating to a “neutral” rating and upped their price objective for the stock from $60.00 to $73.00 in a research note on Tuesday, March 8th. JPMorgan Chase & Co. lowered Ovintiv from an “overweight” rating to a “neutral” rating and upped their price objective for the stock from $50.00 to $53.00 in a research note on Tuesday, January 18th. Citigroup upped their price objective on Ovintiv from $46.00 to $64.00 in a research note on Tuesday, April 26th. Finally, Scotiabank upgraded Ovintiv from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the stock from $44.00 to $46.00 in a research note on Thursday, January 13th. Four analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $56.76.
About Ovintiv (Get Rating)
Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's 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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