Capital One Financial Research Analysts Increase Earnings Estimates for Ovintiv Inc. (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV) – Stock analysts at Capital One Financial raised their Q1 2024 earnings per share estimates for shares of Ovintiv in a research report issued on Friday, April 19th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $1.39 per share for the quarter, up from their prior estimate of $1.38. The consensus estimate for Ovintiv’s current full-year earnings is $6.36 per share. Capital One Financial also issued estimates for Ovintiv’s FY2024 earnings at $6.45 EPS.

Several other analysts also recently issued reports on the stock. National Bankshares cut their target price on shares of Ovintiv from $69.00 to $53.00 and set an “outperform” rating on the stock in a research note on Wednesday, January 10th. Morgan Stanley boosted their target price on shares of Ovintiv from $49.00 to $53.00 and gave the company an “equal weight” rating in a research note on Monday, April 15th. Wells Fargo & Company cut their target price on shares of Ovintiv from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research note on Wednesday, January 17th. Scotiabank cut their target price on shares of Ovintiv from $53.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 16th. Finally, Citigroup increased their price objective on Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Four investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.71.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $52.77 on Monday. The company’s fifty day moving average is $50.43 and its two-hundred day moving average is $46.53. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.53. Ovintiv has a 12-month low of $32.07 and a 12-month high of $55.95. The company has a market cap of $14.19 billion, a P/E ratio of 6.69 and a beta of 2.65.

Ovintiv (NYSE:OVV) last announced its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $1.94 by $0.41. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. The company had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $2.75 billion.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.27%. The ex-dividend date of this dividend was Thursday, March 14th. Ovintiv’s dividend payout ratio (DPR) is presently 15.21%.

Insider Buying and Selling

In other Ovintiv news, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the sale, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at $1,206,325.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Ovintiv news, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the sale, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at $1,206,325.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Rachel Maureen Moore sold 9,300 shares of Ovintiv stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the completion of the transaction, the executive vice president now owns 52,557 shares of the company’s stock, valued at approximately $2,662,012.05. The disclosure for this sale can be found here. Insiders have sold a total of 91,564 shares of company stock valued at $4,660,818 over the last three months. 0.97% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the stock. Louisiana State Employees Retirement System raised its position in Ovintiv by 2.0% in the 1st quarter. Louisiana State Employees Retirement System now owns 72,700 shares of the company’s stock worth $3,773,000 after purchasing an additional 1,400 shares during the last quarter. Amalgamated Bank raised its position in Ovintiv by 2.4% in the 1st quarter. Amalgamated Bank now owns 172,060 shares of the company’s stock worth $8,930,000 after purchasing an additional 4,079 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in Ovintiv by 13.0% in the 1st quarter. Raymond James Financial Services Advisors Inc. now owns 34,500 shares of the company’s stock worth $1,791,000 after purchasing an additional 3,970 shares during the last quarter. Raymond James & Associates raised its position in Ovintiv by 9.4% in the 1st quarter. Raymond James & Associates now owns 204,390 shares of the company’s stock worth $10,608,000 after purchasing an additional 17,639 shares during the last quarter. Finally, Norden Group LLC bought a new position in Ovintiv in the 1st quarter worth approximately $932,000. Institutional investors own 83.81% of the company’s stock.

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.