Ovintiv (NYSE:OVV) Issues Earnings Results

Ovintiv (NYSE:OVV) issued its quarterly earnings results on Thursday. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20), FiscalAI reports. The firm had revenue of $3.01 billion during the quarter, compared to analyst estimates of $2.37 billion. Ovintiv had a return on equity of 13.14% and a net margin of 8.51%.

Ovintiv Stock Performance

NYSE:OVV traded up $0.90 during trading on Thursday, reaching $61.41. The company’s stock had a trading volume of 5,789,560 shares, compared to its average volume of 4,201,247. The firm has a market cap of $17.26 billion, a price-to-earnings ratio of 19.81 and a beta of 0.53. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.56 and a current ratio of 0.56. The firm has a 50 day moving average of $56.25 and a 200-day moving average of $52.89. Ovintiv has a 12 month low of $35.47 and a 12 month high of $63.46.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.30 dividend. The ex-dividend date of this dividend was Monday, June 15th. This represents a $1.20 annualized dividend and a yield of 2.0%. Ovintiv’s payout ratio is currently 38.71%.

Analyst Ratings Changes

Several research firms have weighed in on OVV. Mizuho upped their price objective on shares of Ovintiv from $69.00 to $75.00 and gave the stock an “outperform” rating in a report on Wednesday, May 27th. Citigroup reduced their price objective on shares of Ovintiv from $70.00 to $66.00 and set a “buy” rating for the company in a report on Friday, July 17th. Truist Financial cut their price target on Ovintiv from $70.00 to $66.00 and set a “buy” rating for the company in a research note on Monday, July 13th. UBS Group decreased their price objective on Ovintiv from $76.00 to $75.00 and set a “buy” rating for the company in a report on Thursday, April 9th. Finally, Wall Street Zen cut Ovintiv from a “buy” rating to a “hold” rating in a research report on Tuesday, June 30th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $65.63.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Los Angeles Capital Management LLC purchased a new position in Ovintiv in the fourth quarter valued at approximately $46,000. Advisory Services Network LLC bought a new stake in shares of Ovintiv in the third quarter valued at $58,000. CIBC Private Wealth Group LLC raised its stake in shares of Ovintiv by 258.2% in the third quarter. CIBC Private Wealth Group LLC now owns 1,576 shares of the company’s stock valued at $64,000 after buying an additional 1,136 shares during the period. Geneos Wealth Management Inc. lifted its position in shares of Ovintiv by 47.5% during 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 during the last quarter. Finally, Parkside Financial Bank & Trust lifted its position in shares of Ovintiv by 30.4% during the 4th quarter. Parkside Financial Bank & Trust now owns 2,121 shares of the company’s stock valued at $83,000 after buying an additional 495 shares during the last quarter. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

Ovintiv Company Profile

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.