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

by · The Markets Daily

Ovintiv Inc. (NYSE:OVV – Get Free Report) declared a quarterly dividend on Thursday, July 23rd. Investors of record on Tuesday, September 15th will be given a dividend of 0.30 per share on Tuesday, September 29th. This represents a c) annualized dividend and a yield of 2.0%. The ex-dividend date is Tuesday, September 15th.

Ovintiv has increased its dividend payment by an average of 0.2%annually over the last three years and has increased its dividend annually for the last 4 consecutive years. Ovintiv has a payout ratio of 21.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Ovintiv to earn $5.72 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 21.0%.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $61.41 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. The company has a 50-day moving average price of $56.31 and a 200 day moving average price of $53.03. Ovintiv has a 52 week low of $35.47 and a 52 week high of $63.46. The company has a market cap of $17.26 billion, a P/E ratio of 19.81 and a beta of 0.53.

Ovintiv (NYSE:OVV – Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The company reported $1.74 earnings per share for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20). Ovintiv had a net margin of 8.51% and a return on equity of 13.14%. The business had revenue of $3.01 billion during the quarter, compared to analysts’ expectations of $2.37 billion. Research analysts predict that Ovintiv will post 7.08 earnings per share for the current year.

Hedge Funds Weigh In On Ovintiv

Hedge funds have recently made changes to their positions in the business. Steph & Co. acquired a new stake in Ovintiv in the first quarter valued at approximately $29,000. Flagship Harbor Advisors LLC acquired a new stake in Ovintiv during the fourth quarter valued at approximately $38,000. Los Angeles Capital Management LLC acquired a new position in shares of Ovintiv in the 4th quarter worth approximately $46,000. Deseret Mutual Benefit Administrators grew its position in shares of Ovintiv by 27.6% in the 4th quarter. Deseret Mutual Benefit Administrators now owns 1,328 shares of the company’s stock worth $52,000 after acquiring an additional 287 shares in the last quarter. Finally, IFP Advisors Inc increased its holdings in shares of Ovintiv by 58.4% in the 3rd quarter. IFP Advisors Inc now owns 1,340 shares of the company’s stock valued at $54,000 after acquiring an additional 494 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

(Get Free Report)

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.

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