Equities Analysts Offer Predictions for Ovintiv Inc.’s Q2 2024 Earnings (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV) – Analysts at Seaport Res Ptn boosted their Q2 2024 EPS estimates for Ovintiv in a report released on Thursday, May 23rd. Seaport Res Ptn analyst N. Pope now expects that the company will post earnings of $1.55 per share for the quarter, up from their previous estimate of $1.52. The consensus estimate for Ovintiv’s current full-year earnings is $6.07 per share. Seaport Res Ptn also issued estimates for Ovintiv’s FY2024 earnings at $6.39 EPS and Q4 2025 earnings at $1.66 EPS.

Other research analysts have also recently issued reports about the stock. The Goldman Sachs Group raised their target price on shares of Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a report on Tuesday, March 26th. Citigroup lifted their price objective on shares of Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. UBS Group boosted their target price on shares of Ovintiv from $69.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Jefferies Financial Group raised their target price on Ovintiv from $59.00 to $69.00 and gave the stock a “buy” rating in a research report on Friday, April 12th. Finally, Mizuho upped their price target on Ovintiv from $58.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, May 13th. Four investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $57.56.

Ovintiv Trading Up 0.0 %

Shares of OVV opened at $48.29 on Monday. The business’s 50-day moving average price is $51.79 and its 200 day moving average price is $46.87. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.53. The stock has a market capitalization of $12.89 billion, a P/E ratio of 6.74 and a beta of 2.64. Ovintiv has a 1-year low of $32.49 and a 1-year high of $55.95.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.35 billion for the quarter, compared to analysts’ expectations of $2.58 billion.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be paid a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a yield of 2.48%. The ex-dividend date is Friday, June 14th. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Insiders Place Their Bets

In other news, Director Steven W. Nance sold 12,000 shares of the firm’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $50.00, for a total transaction of $600,000.00. Following the transaction, the director now owns 8,929 shares in the company, valued at approximately $446,450. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Steven W. Nance sold 12,000 shares of the company’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $50.00, for a total transaction of $600,000.00. Following the completion of the sale, the director now owns 8,929 shares in the company, valued at approximately $446,450. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Howard John Mayson sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the transaction, the director now directly owns 36,840 shares in the company, valued at $1,862,630.40. The disclosure for this sale can be found here. Insiders sold 103,564 shares of company stock valued at $5,260,818 over the last ninety days. Corporate insiders own 1.70% of the company’s stock.

Institutional Trading of Ovintiv

Institutional investors and hedge funds have recently modified their holdings of the company. Victory Capital Management Inc. grew its stake in Ovintiv by 10.7% in the 3rd quarter. Victory Capital Management Inc. now owns 528,836 shares of the company’s stock valued at $25,157,000 after buying an additional 51,261 shares during the last quarter. Toronto Dominion Bank increased its stake in shares of Ovintiv by 15.5% in the third quarter. Toronto Dominion Bank now owns 761,303 shares of the company’s stock worth $36,215,000 after purchasing an additional 101,978 shares during the period. International Assets Investment Management LLC lifted its position in shares of Ovintiv by 1,202.0% during the 4th quarter. International Assets Investment Management LLC now owns 13,879 shares of the company’s stock worth $610,000 after purchasing an additional 12,813 shares during the last quarter. Vanguard Group Inc. boosted its stake in Ovintiv by 10.1% during the 3rd 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. Finally, Legal & General Group Plc grew its holdings in Ovintiv by 2.5% in the 3rd quarter. Legal & General Group Plc now owns 1,124,654 shares of the company’s stock valued at $53,500,000 after buying an additional 27,381 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.