Q2 2024 EPS Estimates for Ovintiv Inc. Raised by Analyst (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV - Free Report) - Capital One Financial upped their Q2 2024 EPS estimates for Ovintiv in a research note issued on Tuesday, May 14th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings per share of $1.58 for the quarter, up from their previous estimate of $1.55. The consensus estimate for Ovintiv's current full-year earnings is $6.05 per share. Capital One Financial also issued estimates for Ovintiv's Q4 2024 earnings at $1.73 EPS, FY2024 earnings at $6.44 EPS and FY2025 earnings at $7.24 EPS.

Ovintiv (NYSE:OVV - Get Free Report) last released its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.94 by $0.41. The business had revenue of $3.17 billion for the quarter, compared to analysts' expectations of $2.75 billion. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%.

A number of other research analysts have also recently issued reports on OVV. Mizuho lifted their price objective on Ovintiv from $58.00 to $64.00 and gave the company a "buy" rating in a report on Monday. Barclays began coverage on shares of Ovintiv in a report on Wednesday, April 10th. They set an "overweight" rating and a $69.00 price target for the company. Citigroup raised their target price on Ovintiv from $52.00 to $58.00 and gave the company a "buy" rating in a research note on Monday, March 18th. UBS Group upped their price target on shares of Ovintiv from $69.00 to $70.00 and gave the stock a "buy" rating in a research report on Wednesday. Finally, The Goldman Sachs Group raised their price objective on shares of Ovintiv from $47.00 to $56.00 and gave the company a "neutral" rating in a research report on Tuesday, March 26th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $57.12.

Ovintiv Price Performance

Shares of Ovintiv stock traded up $0.49 during midday trading on Friday, hitting $49.79. 2,530,726 shares of the company were exchanged, compared to its average volume of 3,027,979. The firm has a 50 day simple moving average of $51.99 and a 200-day simple moving average of $46.81. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.52 and a quick ratio of 0.52. The firm has a market cap of $13.29 billion, a P/E ratio of 6.89 and a beta of 2.64. Ovintiv has a 52 week low of $32.32 and a 52 week high of $55.95.

Hedge Funds Weigh In On Ovintiv

Institutional investors and hedge funds have recently modified their holdings of the business. Victory Capital Management Inc. raised its stake in shares of Ovintiv by 10.7% in the 3rd quarter. Victory Capital Management Inc. now owns 528,836 shares of the company's stock valued at $25,157,000 after purchasing an additional 51,261 shares during the period. Toronto Dominion Bank lifted its stake in Ovintiv by 15.5% in the 3rd 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 in the last quarter. 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 worth $1,285,816,000 after acquiring an additional 2,484,554 shares during the last quarter. Legal & General Group Plc grew its stake in shares of Ovintiv by 2.5% during the 3rd quarter. Legal & General Group Plc now owns 1,124,654 shares of the company's stock worth $53,500,000 after acquiring an additional 27,381 shares in the last quarter. Finally, Comerica Bank bought a new position in shares of Ovintiv during the 3rd quarter worth approximately $18,097,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Ovintiv

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 23,672 shares in the company, valued at approximately $1,206,325.12. The sale was disclosed in a 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 Ovintiv stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $50.65, for a total transaction of $471,045.00. Following the transaction, the executive vice president now directly owns 52,557 shares in the company, valued at $2,662,012.05. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the completion of the sale, 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. Over the last quarter, insiders sold 103,564 shares of company stock worth $5,260,818. 1.70% of the stock is owned by insiders.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.41%. Ovintiv's dividend payout ratio (DPR) is presently 16.76%.

Ovintiv Company Profile

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.