Ovintiv is an oil and natural gas exploration and production company that is focused on developing its portfolio of oil and natural gas assets located in the U.S. and Canada. Co.'s operations also include the marketing of oil, natural gas liquids (NGLs) and natural gas. Co.'s segments are: USA Operations, which includes the exploration for, development of, and production of oil, NGLs, natural gas and other related activities within the U.S.; Canadian Operations, which includes the exploration for, development of, and production of oil, NGLs, natural gas and other related activities within Canada; and Market Optimization, which includes the sale of its production to third party customers. More details about Ovintiv at:
http://www.ovintiv.com.
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Should Ovintiv shares be counted among the
Top 10 Cheap Dividend Stocks label? To start, we see that the recent trading price for OVV stock is $51.54 and the dividend yield is 2.33% (as of 5/3/2024). The most recent quarter's (MRQ) earnings result, annualized, was $9.4/share. Looking at the sum total of quarterly earnings across the trailing twelve month (TTM) period, Ovintiv produced $6.84/share. And taking the median quarterly result across the TTM period, and annualizing it, results in $7.12/share. Comparing the current indicated annual dividend rate of $1.20 against that median result, we calculate a dividend payout ratio of 16.9%. Comparing the company's various earnings metrics against the stock price, we end up with a PE ratio of 7.2 for the TTM Median method, 5.5 for price to earnings using MRQ annualized, and 7.5 for current price/TTM earnings. Based on OVV's history, that recent TTM PE is low relative to the historical average, with the recent PE 68.5% lower than the average (TTM method) of 23.8.