Ovintiv to Issue Quarterly Dividend of $0.09 (NYSE:OVV)

Ovintiv (NYSE:OVV) declared a quarterly dividend on Tuesday, July 28th, Zacks reports. Stockholders of record on Tuesday, September 15th will be paid a dividend of 0.094 per share on Wednesday, September 30th. This represents a $0.38 annualized dividend and a dividend yield of 3.84%. The ex-dividend date is Monday, September 14th.

Ovintiv has a dividend payout ratio of -118.8% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research analysts expect Ovintiv to earn ($0.71) per share next year, which means the company may not be able to cover its $0.38 annual dividend with an expected future payout ratio of -53.5%.

Shares of NYSE OVV traded down $0.56 during mid-day trading on Thursday, hitting $9.78. The company’s stock had a trading volume of 169,785 shares, compared to its average volume of 4,524,948. The stock has a market capitalization of $2.64 billion, a PE ratio of -0.67 and a beta of 4.00. The company has a current ratio of 1.04, a quick ratio of 1.04 and a debt-to-equity ratio of 0.69. Ovintiv has a one year low of $2.10 and a one year high of $28.75. The company has a fifty day simple moving average of $9.98.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.41) by ($0.02). The business had revenue of $726.00 million during the quarter, compared to the consensus estimate of $1.28 billion. Ovintiv had a negative net margin of 56.12% and a positive return on equity of 3.21%. On average, equities research analysts anticipate that Ovintiv will post -0.13 EPS for the current fiscal year.

A number of analysts recently weighed in on OVV shares. SunTrust Banks increased their price target on shares of Ovintiv from $7.00 to $12.00 and gave the company a “hold” rating in a research report on Friday, June 19th. National Bank Financial increased their price target on shares of Ovintiv from $14.00 to $15.00 and gave the company an “outperform” rating in a research report on Wednesday. MKM Partners cut their price target on shares of Ovintiv from $13.00 to $12.00 and set a “buy” rating on the stock in a research report on Thursday, May 21st. ValuEngine upgraded shares of Ovintiv from a “strong sell” rating to a “sell” rating in a research report on Wednesday, June 3rd. Finally, Royal Bank of Canada increased their price target on shares of Ovintiv from $6.50 to $11.00 and gave the company a “sector perform” rating in a research report on Friday, June 26th. Two investment analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $12.89.

Ovintiv Company Profile

There is no company description available for Ovintiv Inc

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