Wall Street brokerages expect Ovintiv Inc. (NYSE:OVV) to post $1.49 billion in sales for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Ovintiv's earnings, with the lowest sales estimate coming in at $1.40 billion and the highest estimate coming in at $1.59 billion. Ovintiv reported sales of $2.64 billion during the same quarter last year, which indicates a negative year over year growth rate of 43.6%. The firm is expected to report its next earnings results on Thursday, May 6th.
According to Zacks, analysts expect that Ovintiv will report full year sales of $6.02 billion for the current fiscal year, with estimates ranging from $5.25 billion to $6.57 billion. For the next year, analysts expect that the company will post sales of $5.69 billion, with estimates ranging from $4.72 billion to $6.67 billion. Zacks Investment Research's sales averages are a mean average based on a survey of sell-side analysts that cover Ovintiv.
Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Wednesday, February 17th. The company reported $0.70 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.63 by $0.07. Ovintiv had a positive return on equity of 1.56% and a negative net margin of 89.63%.
OVV has been the topic of a number of analyst reports. Bank of America upped their target price on Ovintiv from $14.00 to $16.50 and gave the company a "buy" rating in a research note on Wednesday, November 25th. Tudor Pickering & Holt set a $17.00 target price on Ovintiv and gave the company a "hold" rating in a research note on Friday. MKM Partners increased their price objective on Ovintiv from $13.00 to $17.00 and gave the stock a "buy" rating in a research note on Monday, November 2nd. Royal Bank of Canada increased their price objective on Ovintiv from $18.00 to $23.00 and gave the stock a "sector perform" rating in a research note on Friday. Finally, Raymond James set a $21.00 price objective on Ovintiv and gave the stock a "market perform" rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and seven have given a buy rating to the company's stock. The stock has an average rating of "Hold" and a consensus price target of $15.21.
Institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp grew its position in shares of Ovintiv by 113.5% during the 3rd quarter. State Street Corp now owns 10,423,052 shares of the company's stock valued at $85,052,000 after acquiring an additional 5,540,802 shares during the period. Maple Rock Capital Partners Inc. acquired a new stake in shares of Ovintiv during the 4th quarter valued at about $32,023,000. Morgan Stanley grew its position in shares of Ovintiv by 205.3% during the 3rd quarter. Morgan Stanley now owns 2,235,448 shares of the company's stock valued at $18,241,000 after acquiring an additional 1,503,212 shares during the period. BlackRock Inc. grew its position in shares of Ovintiv by 7.3% during the 4th quarter. BlackRock Inc. now owns 20,203,983 shares of the company's stock valued at $290,130,000 after acquiring an additional 1,378,434 shares during the period. Finally, Kimmeridge Energy Management Company LLC grew its position in shares of Ovintiv by 23.7% during the 4th quarter. Kimmeridge Energy Management Company LLC now owns 6,234,626 shares of the company's stock valued at $89,529,000 after acquiring an additional 1,193,114 shares during the period. 70.04% of the stock is currently owned by institutional investors.
Shares of OVV stock opened at $22.62 on Tuesday. Ovintiv has a 1 year low of $2.10 and a 1 year high of $23.19. The company has a debt-to-equity ratio of 1.64, a current ratio of 0.70 and a quick ratio of 0.70. The stock's 50 day simple moving average is $18.31 and its two-hundred day simple moving average is $13.46. The company has a market cap of $5.88 billion, a PE ratio of -1.07 and a beta of 4.00.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 31st. Investors of record on Monday, March 15th will be paid a $0.0938 dividend. The ex-dividend date of this dividend is Friday, March 12th. This represents a $0.38 dividend on an annualized basis and a yield of 1.66%. Ovintiv's dividend payout ratio (DPR) is 11.55%.
Ovintiv Company Profile
Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.
Featured Article: Bollinger Bands
Get a free copy of the Zacks research report on Ovintiv (OVV)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Top Ten Brokerages You Can Trust
There are more than 500 brokerages and research houses that hire analysts to issue ratings and recommendations. Collectively, these brokerages and their analysts publish approximately 250,000 ratings each year. Every trading day, there are nearly 700 reports and recommendations that are released to the public. To say that it's difficult to separate the signal from the noise when interpreting this data would be an understatement.
MarketBeat has developed a system to track each brokerage and research house's stock recommendations and score them based on their past performance. If Goldman Sachs predicted that Apple's stock price would hit $150.00 on a specific date, how accurate were they? If Bank of America issued a "strong-buy" rating on a stock, how did that stock perform compared to the broader market over the following twelve months? This tracking system has been applied to the 1,000,000+ ratings that MarketBeat has tracked during the last ten years to identify which brokerages you can really trust (and which you can safely ignore).
This slide show lists the 10 brokerages who have issued the most accurate analyst recommendations over the past several years, as measured by the performance of their "buy" ratings and the accuracy of their price targets.
View the "Top Ten Brokerages You Can Trust".