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

Ovintiv Inc. (NYSE:OVV) – Equities researchers at Capital One Financial lowered their Q2 2024 earnings per share (EPS) estimates for shares of Ovintiv in a research report issued on Wednesday, July 10th. Capital One Financial analyst P. Johnston now anticipates that the company will earn $1.18 per share for the quarter, down from their prior forecast of $1.35. The consensus estimate for Ovintiv’s current full-year earnings is $6.12 per share. Capital One Financial also issued estimates for Ovintiv’s FY2024 earnings at $5.99 EPS, Q1 2025 earnings at $1.68 EPS, Q2 2025 earnings at $1.74 EPS, Q3 2025 earnings at $1.83 EPS, Q4 2025 earnings at $1.89 EPS and FY2026 earnings at $7.06 EPS.

A number of other equities research analysts have also recently commented on OVV. Mizuho increased their price target on Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, May 13th. Evercore ISI reiterated an “outperform” rating and issued a $60.00 price target on shares of Ovintiv in a research note on Wednesday. The Goldman Sachs Group increased their price objective on Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a report on Tuesday, March 26th. TD Cowen increased their price objective on Ovintiv from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, June 10th. Finally, UBS Group increased their price objective on Ovintiv from $69.00 to $70.00 and gave the company a “buy” rating in a report on Wednesday, May 15th. Five analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $58.65.

Ovintiv Trading Up 1.7 %

Ovintiv stock opened at $48.15 on Friday. The stock has a 50-day moving average of $48.32 and a two-hundred day moving average of $47.73. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.52 and a current ratio of 0.52. Ovintiv has a one year low of $37.92 and a one year high of $55.95. The stock has a market cap of $12.86 billion, a PE ratio of 6.72 and a beta of 2.63.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 EPS for the quarter, beating analysts’ consensus estimates of $1.32 by $0.12. Ovintiv had a return on equity of 17.74% and a net margin of 18.12%. The company had revenue of $2.35 billion during the quarter, compared to analysts’ expectations of $2.58 billion.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 14th were issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a yield of 2.49%. The ex-dividend date of this dividend was Friday, June 14th. Ovintiv’s dividend payout ratio (DPR) is 16.76%.

Insider Buying and Selling

In related news, Director Howard John Mayson sold 4,000 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $51.14, for a total transaction of $204,560.00. Following the sale, the director now directly owns 45,279 shares of the company’s stock, valued at $2,315,568.06. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Ovintiv news, Director Steven W. Nance sold 12,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $50.00, for a total value of $600,000.00. Following the sale, the director now directly owns 8,929 shares of the company’s stock, valued at $446,450. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Howard John Mayson sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $51.14, for a total value of $204,560.00. Following the completion of the sale, the director now directly owns 45,279 shares in the company, valued at $2,315,568.06. The disclosure for this sale can be found here. 1.70% of the stock is owned by corporate insiders.

Institutional Trading of Ovintiv

Several institutional investors have recently bought and sold shares of OVV. Vanguard Group Inc. grew its holdings in Ovintiv by 10.1% in the third quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock valued at $1,285,816,000 after purchasing an additional 2,484,554 shares during the period. Ceredex Value Advisors LLC purchased a new position in shares of Ovintiv in the fourth quarter valued at approximately $67,149,000. Balyasny Asset Management L.P. lifted its position in shares of Ovintiv by 1,560.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,451,240 shares of the company’s stock valued at $63,738,000 after acquiring an additional 1,363,865 shares in the last quarter. Public Employees Retirement Association of Colorado lifted its position in shares of Ovintiv by 2,602.0% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 715,158 shares of the company’s stock valued at $31,410,000 after acquiring an additional 688,690 shares in the last quarter. Finally, SG Americas Securities LLC lifted its position in shares of Ovintiv by 6,830.6% in the first quarter. SG Americas Securities LLC now owns 411,054 shares of the company’s stock valued at $21,334,000 after acquiring an additional 405,123 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

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.