Ovintiv Inc. (OVV) To Go Ex-Dividend on June 13th

Ovintiv Inc. (NYSE:OVV) announced a quarterly dividend on Wednesday, May 7th, Wall Street Journal reports. Shareholders of record on Friday, June 13th will be paid a dividend of 0.30 per share on Monday, June 30th. This represents a $1.20 annualized dividend and a yield of 3.05%. The ex-dividend date is Friday, June 13th.

Ovintiv has a payout ratio of 21.7% indicating that its dividend is sufficiently covered by earnings. Equities research analysts expect Ovintiv to earn $5.39 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 22.3%.

Ovintiv Stock Up 1.4%

Shares of Ovintiv stock opened at $39.34 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv has a 52-week low of $29.80 and a 52-week high of $49.57. The company’s 50 day moving average price is $35.31 and its 200-day moving average price is $39.88. The stock has a market capitalization of $10.22 billion, a price-to-earnings ratio of 5.22 and a beta of 1.09.

Ovintiv (NYSE:OVV) last announced its quarterly earnings results on Tuesday, May 6th. The company reported $1.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.20 by $0.22. Ovintiv had a return on equity of 17.87% and a net margin of 20.15%. The company had revenue of $2.38 billion for the quarter, compared to the consensus estimate of $2.23 billion. Equities research analysts forecast that Ovintiv will post 5.59 EPS for the current year.

Hedge Funds Weigh In On Ovintiv

Hedge funds have recently bought and sold shares of the company. Geneos Wealth Management Inc. increased its stake in Ovintiv by 47.5% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after purchasing an additional 589 shares in the last quarter. Great Lakes Advisors LLC bought a new position in shares of Ovintiv in the first quarter worth approximately $202,000. Integrated Wealth Concepts LLC grew its holdings in shares of Ovintiv by 70.9% during the first quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after buying an additional 3,788 shares during the last quarter. Finally, Focus Partners Wealth increased its position in shares of Ovintiv by 49.3% during the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock valued at $825,000 after acquiring an additional 6,364 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on OVV. JPMorgan Chase & Co. dropped their price target on Ovintiv from $56.00 to $45.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Mizuho decreased their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Tuesday, May 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $50.00 target price on shares of Ovintiv in a research note on Tuesday, April 15th. Williams Trading set a $58.00 price target on Ovintiv in a research note on Wednesday, March 5th. Finally, Scotiabank raised Ovintiv to a “strong-buy” rating in a research report on Wednesday, March 19th. Two research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Ovintiv currently has an average rating of “Buy” and a consensus target price of $55.00.

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.