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

Ovintiv Inc. (NYSE:OVV) – Research analysts at Capital One Financial boosted their Q1 2024 earnings estimates for Ovintiv in a research report issued to clients and investors on Friday, April 19th. Capital One Financial analyst P. Johnston now anticipates 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.

Several other equities analysts also recently issued reports on the stock. Royal Bank of Canada raised their price target on shares of Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a research note on Thursday, February 29th. Scotiabank dropped their price target on shares of Ovintiv from $53.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, January 16th. Citigroup lifted their target price on shares of Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Morgan Stanley lifted their target price on shares of Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Finally, Mizuho reissued a “buy” rating and set a $58.00 target price on shares of Ovintiv in a research note on Thursday, April 4th. Four research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $56.71.

Ovintiv Price Performance

OVV stock opened at $52.77 on Monday. The company has a fifty day moving average price of $50.43 and a 200-day moving average price of $46.53. The company has a market capitalization of $14.19 billion, a P/E ratio of 6.69 and a beta of 2.65. Ovintiv has a 52-week low of $32.07 and a 52-week high of $55.95. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.60 and a current ratio of 0.60.

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

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors 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 yield of 2.27%. The ex-dividend date was Thursday, March 14th. Ovintiv’s dividend payout ratio (DPR) is presently 15.21%.

Insider Buying and Selling

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the sale, the executive vice president now owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Ovintiv news, EVP Rachel Maureen Moore sold 9,300 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.65, for a total value of $471,045.00. Following the completion of the transaction, the executive vice president now owns 52,557 shares of the company’s stock, valued at approximately $2,662,012.05. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the completion of the sale, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,564 shares of company stock valued at $4,660,818. Company insiders own 0.97% of the company’s stock.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors have recently made changes to their positions in OVV. Vanguard Group Inc. boosted its position in Ovintiv by 10.1% during the 3rd quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock valued at $1,285,816,000 after buying an additional 2,484,554 shares during the period. FMR LLC boosted its position in Ovintiv by 2.3% during the 3rd quarter. FMR LLC now owns 22,877,626 shares of the company’s stock valued at $1,088,289,000 after buying an additional 507,562 shares during the period. Smead Capital Management Inc. boosted its position in Ovintiv by 2.5% during the 3rd quarter. Smead Capital Management Inc. now owns 5,524,515 shares of the company’s stock valued at $262,801,000 after buying an additional 136,016 shares during the period. Bank of New York Mellon Corp boosted its position in Ovintiv by 4.5% during the 3rd quarter. Bank of New York Mellon Corp now owns 3,039,681 shares of the company’s stock valued at $144,598,000 after buying an additional 130,225 shares during the period. Finally, Dimensional Fund Advisors LP boosted its position in Ovintiv by 6.8% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,639,579 shares of the company’s stock valued at $115,937,000 after buying an additional 168,320 shares during the period. Hedge funds and other institutional investors own 83.81% of the company’s stock.

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.