Capital One Financial Research Analysts Lift Earnings Estimates for Ovintiv Inc. (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV) – Equities researchers at Capital One Financial increased their Q1 2024 earnings per share (EPS) estimates for shares of Ovintiv in a report released on Friday, April 19th. Capital One Financial analyst P. Johnston now expects that the company will post earnings per share of $1.39 for the quarter, up from their prior forecast of $1.38. The consensus estimate for Ovintiv’s current full-year earnings is $6.36 per share. Capital One Financial also issued estimates for Ovintiv’s FY2024 earnings at $6.45 EPS.

OVV has been the topic of a number of other research reports. UBS Group upped their target price on Ovintiv from $62.00 to $69.00 and gave the stock a “buy” rating in a research note on Thursday, April 11th. Barclays initiated coverage on shares of Ovintiv in a report on Wednesday, April 10th. They set an “overweight” rating and a $69.00 price target on the stock. Scotiabank decreased their price objective on shares of Ovintiv from $53.00 to $50.00 and set an “outperform” rating for the company in a research report on Tuesday, January 16th. The Goldman Sachs Group raised their target price on Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a research report on Tuesday, March 26th. Finally, National Bankshares reduced their price target on Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, January 10th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $56.71.

Ovintiv Trading Up 0.4 %

NYSE OVV opened at $52.18 on Monday. The company has a fifty day moving average of $50.21 and a 200 day moving average of $46.48. The company has a market capitalization of $14.03 billion, a PE ratio of 6.61 and a beta of 2.65. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60. Ovintiv has a 1 year low of $32.07 and a 1 year high of $55.95.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.94 by $0.41. The company had revenue of $3.17 billion during the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%.

Institutional Investors Weigh In On Ovintiv

Several hedge funds and other institutional investors have recently made changes to their positions in OVV. Victory Capital Management Inc. raised its stake in Ovintiv by 10.7% during the 3rd quarter. Victory Capital Management Inc. now owns 528,836 shares of the company’s stock worth $25,157,000 after acquiring an additional 51,261 shares in the last quarter. Toronto Dominion Bank boosted its holdings in shares of Ovintiv by 15.5% in the third quarter. Toronto Dominion Bank now owns 761,303 shares of the company’s stock valued at $36,215,000 after acquiring an additional 101,978 shares during the period. Vanguard Group Inc. grew its position in shares of Ovintiv by 10.1% during the third quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock worth $1,285,816,000 after acquiring an additional 2,484,554 shares during the last quarter. Legal & General Group Plc raised its position in Ovintiv by 2.5% in the 3rd quarter. Legal & General Group Plc now owns 1,124,654 shares of the company’s stock valued at $53,500,000 after purchasing an additional 27,381 shares during the last quarter. Finally, Comerica Bank acquired a new stake in Ovintiv during the 3rd quarter worth $18,097,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

Insider Buying and Selling

In other news, Director Howard John Mayson sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the transaction, the director now directly owns 36,840 shares in the company, valued at approximately $1,862,630.40. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Ovintiv news, Director Howard John Mayson sold 6,000 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $50.56, for a total transaction of $303,360.00. Following the sale, the director now directly owns 36,840 shares in the company, valued at $1,862,630.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total value of $3,886,413.44. Following the completion of the transaction, the executive vice president now owns 23,672 shares of the company’s stock, valued at $1,206,325.12. The disclosure for this sale can be found here. In the last ninety days, insiders sold 91,564 shares of company stock valued at $4,660,818. 0.97% of the stock is currently owned by insiders.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Friday, March 15th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.30%. The ex-dividend date of this dividend was Thursday, March 14th. Ovintiv’s dividend payout ratio is presently 15.21%.

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.