Ovintiv (NYSE:OVV) Posts Earnings Results, Beats Estimates By $0.12 EPS

Ovintiv (NYSE:OVV) released its quarterly earnings results on Wednesday. The company reported $1.35 earnings per share for the quarter, beating analysts’ consensus estimates of $1.23 by $0.12, Zacks reports. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%.

Ovintiv Stock Performance

Shares of NYSE:OVV traded down $0.46 during trading on Wednesday, hitting $41.84. 3,729,685 shares of the company traded hands, compared to its average volume of 2,513,394. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The business’s fifty day moving average is $42.73 and its 200-day moving average is $42.13. The stock has a market capitalization of $10.89 billion, a price-to-earnings ratio of 5.55 and a beta of 2.60. Ovintiv has a one year low of $36.90 and a one year high of $55.95.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on OVV shares. UBS Group decreased their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Wells Fargo & Company lowered their price objective on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 17th. Scotiabank lifted their price objective on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a report on Monday, November 18th. National Bankshares increased their target price on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, January 30th. Finally, Mizuho dropped their price target on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $56.88.

About Ovintiv

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.