Ovintiv (NYSE:OVV) Releases Quarterly Earnings Results, Misses Expectations By $0.06 EPS

Ovintiv (NYSE:OVV) released its quarterly earnings data on Tuesday. The company reported $1.03 earnings per share for the quarter, missing the consensus estimate of $1.09 by ($0.06), Zacks reports. Ovintiv had a net margin of 6.46% and a return on equity of 14.24%.

Ovintiv Stock Down 0.6%

Ovintiv stock traded down $0.22 during midday trading on Tuesday, reaching $37.32. The stock had a trading volume of 3,232,718 shares, compared to its average volume of 3,406,301. Ovintiv has a 12 month low of $29.80 and a 12 month high of $47.18. The company has a market capitalization of $9.59 billion, a P/E ratio of 16.52, a PEG ratio of 1.89 and a beta of 0.97. The company has a fifty day moving average price of $39.91 and a two-hundred day moving average price of $38.95. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42.

Institutional Trading of Ovintiv

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Geneos Wealth Management Inc. increased its position in Ovintiv by 47.5% in the 1st 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 in the last quarter. EverSource Wealth Advisors LLC increased its position in Ovintiv by 103.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock valued at $126,000 after buying an additional 1,675 shares in the last quarter. Great Lakes Advisors LLC bought a new stake in Ovintiv in the 1st quarter valued at about $202,000. Nomura Holdings Inc. bought a new stake in Ovintiv in the 2nd quarter valued at about $240,000. Finally, Integrated Wealth Concepts LLC boosted its stake in Ovintiv by 70.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after purchasing an additional 3,788 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on OVV shares. Morgan Stanley cut their price objective on Ovintiv from $48.00 to $46.00 and set an “equal weight” rating on the stock in a report on Tuesday, October 14th. JPMorgan Chase & Co. lowered their target price on Ovintiv from $50.00 to $47.00 and set an “overweight” rating for the company in a research report on Friday, October 3rd. National Bankshares lowered their target price on Ovintiv from $66.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday, October 22nd. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Ovintiv in a research report on Wednesday, October 8th. Finally, Wells Fargo & Company lowered their target price on Ovintiv from $46.00 to $38.00 and set an “equal weight” rating for the company in a research report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $51.47.

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.