Capital One Financial Lifts Earnings Estimates for Ovintiv

Ovintiv Inc. (NYSE:OVV) – Equities researchers at Capital One Financial lifted their FY2024 earnings per share (EPS) estimates for Ovintiv in a note issued to investors on Wednesday, January 8th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $5.51 per share for the year, up from their prior estimate of $5.49. The consensus estimate for Ovintiv’s current full-year earnings is $5.45 per share. Capital One Financial also issued estimates for Ovintiv’s Q4 2024 earnings at $1.00 EPS, Q1 2025 earnings at $1.40 EPS, Q2 2025 earnings at $1.53 EPS, Q3 2025 earnings at $1.62 EPS, Q4 2025 earnings at $1.68 EPS, FY2025 earnings at $6.24 EPS and FY2026 earnings at $6.98 EPS.

OVV has been the subject of several other reports. UBS Group lowered their price target on Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Mizuho dropped their price objective on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research report on Monday, December 16th. Citigroup lowered their price target on Ovintiv from $55.00 to $54.00 and set a “buy” rating for the company in a report on Tuesday, November 26th. Scotiabank boosted their price target on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research report on Monday, November 18th. Finally, Truist Financial increased their target price on shares of Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and a consensus price target of $56.81.

Ovintiv Stock Up 2.7 %

Shares of NYSE:OVV opened at $43.57 on Monday. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The company has a market capitalization of $11.34 billion, a price-to-earnings ratio of 5.78 and a beta of 2.63. The business has a 50-day moving average price of $42.03 and a 200 day moving average price of $42.51. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were given a $0.30 dividend. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.75%. Ovintiv’s dividend payout ratio is presently 15.92%.

Hedge Funds Weigh In On Ovintiv

Several hedge funds have recently added to or reduced their stakes in the business. Daiwa Securities Group Inc. lifted its holdings in Ovintiv by 6.9% in the 2nd quarter. Daiwa Securities Group Inc. now owns 18,500 shares of the company’s stock valued at $867,000 after purchasing an additional 1,200 shares in the last quarter. American Century Companies Inc. grew its stake in Ovintiv by 11.8% in the 2nd quarter. American Century Companies Inc. now owns 385,277 shares of the company’s stock worth $18,058,000 after acquiring an additional 40,772 shares during the period. DekaBank Deutsche Girozentrale raised its holdings in Ovintiv by 7.5% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 32,813 shares of the company’s stock valued at $1,525,000 after acquiring an additional 2,295 shares during the last quarter. Meeder Advisory Services Inc. lifted its stake in shares of Ovintiv by 54.0% during the 2nd quarter. Meeder Advisory Services Inc. now owns 6,764 shares of the company’s stock worth $317,000 after purchasing an additional 2,373 shares during the period. Finally, Federated Hermes Inc. boosted its stake in Ovintiv by 3.8% in the 2nd quarter. Federated Hermes Inc. now owns 145,223 shares of the company’s stock worth $6,807,000 after buying an additional 5,323 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

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.