Ovintiv (NYSE:OVV) Posts Quarterly Earnings Results

Key Points

• Ovintiv reported a quarterly earnings per share of $1.02, missing the consensus estimate of $1.04, alongside revenues of $1.79 billion compared to an expected $1.92 billion.
• The company declared a quarterly dividend of $0.30 per share, with an annualized dividend yield of 2.90% and a payout ratio of 53.10%.
• Despite the earnings miss, Ovintiv shares rose 3.5% to $41.40 with analysts maintaining a general positive outlook, reflected in a consensus rating of "Buy".

Ovintiv (NYSE:OVV - Get Free Report) posted its quarterly earnings results on Thursday. The company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.04 by ($0.02), Zacks reports. The business had revenue of $1.79 billion during the quarter, compared to the consensus estimate of $1.92 billion. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.

Ovintiv Trading Up 3.5%

Shares of OVV stock traded up $1.41 on Friday, reaching $41.40. 5,744,041 shares of the company's stock were exchanged, compared to its average volume of 3,012,459. Ovintiv has a 52 week low of $29.80 and a 52 week high of $48.35. The company's fifty day simple moving average is $39.05 and its 200 day simple moving average is $39.62. The stock has a market capitalization of $10.76 billion, a PE ratio of 18.32, a P/E/G ratio of 2.23 and a beta of 1.08. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.44.

Ovintiv Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Monday, September 15th will be issued a dividend of $0.30 per share. The ex-dividend date is Monday, September 15th. This represents a $1.20 annualized dividend and a yield of 2.90%. Ovintiv's payout ratio is 53.10%.

Analyst Upgrades and Downgrades

OVV has been the subject of a number of analyst reports. Morgan Stanley reissued an "overweight" rating and set a $50.00 price objective on shares of Ovintiv in a research note on Tuesday, April 15th. Barclays lifted their target price on shares of Ovintiv from $55.00 to $57.00 and gave the company an "overweight" rating in a report on Friday. Citigroup set a $54.00 price objective on shares of Ovintiv and gave the company a "buy" rating in a report on Wednesday, July 2nd. Mizuho reduced their price target on Ovintiv from $60.00 to $58.00 and set an "outperform" rating for the company in a research report on Tuesday, May 13th. Finally, Scotiabank raised their price target on Ovintiv from $48.00 to $51.00 and gave the company a "sector outperform" rating in a report on Friday, July 11th. Two equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $53.94.

Institutional Investors Weigh In On Ovintiv

Large investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. increased its holdings in Ovintiv by 47.5% during the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company's stock valued at $78,000 after buying an additional 589 shares during the period. Great Lakes Advisors LLC purchased a new position in shares of Ovintiv in the 1st quarter worth approximately $202,000. Integrated Wealth Concepts LLC raised its stake in shares of Ovintiv by 70.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company's stock worth $391,000 after acquiring an additional 3,788 shares in the last quarter. Finally, Focus Partners Wealth raised its stake in shares of Ovintiv by 49.3% during the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company's stock worth $825,000 after acquiring an additional 6,364 shares in the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

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.

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