FY2024 EPS Estimates for Ovintiv Lifted by Analyst

Ovintiv Inc. (NYSE:OVV) – Investment analysts at Capital One Financial increased their FY2024 earnings estimates for Ovintiv in a research note issued to investors on Wednesday, January 8th. Capital One Financial analyst P. Johnston now expects that the company will post earnings of $5.51 per share for the year, up from their prior forecast 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.

Several other equities research analysts also recently issued reports on the stock. Wells Fargo & Company cut their price objective on shares of Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 17th. Morgan Stanley dropped their price target on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a report on Monday, September 16th. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and lowered their price objective for the stock from $55.00 to $54.00 in a research report on Monday. Mizuho reduced their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. Finally, Citigroup lowered their price target on shares of Ovintiv from $55.00 to $54.00 and set a “buy” rating on the stock in a research report on Tuesday, November 26th. Four research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Ovintiv presently has an average rating of “Moderate Buy” and an average price target of $56.81.

Ovintiv Stock Performance

NYSE OVV opened at $44.55 on Monday. The stock has a market cap of $11.60 billion, a PE ratio of 5.91 and a beta of 2.63. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The firm has a 50-day moving average of $42.12 and a 200-day moving average of $42.49. Ovintiv has a 52-week low of $36.90 and a 52-week high of $55.95.

Institutional Trading of Ovintiv

Institutional investors and hedge funds have recently modified their holdings of the business. Daiwa Securities Group Inc. raised its stake in Ovintiv by 6.9% during the second quarter. Daiwa Securities Group Inc. now owns 18,500 shares of the company’s stock worth $867,000 after acquiring an additional 1,200 shares in the last quarter. American Century Companies Inc. increased its position in Ovintiv by 11.8% during the 2nd quarter. American Century Companies Inc. now owns 385,277 shares of the company’s stock worth $18,058,000 after purchasing an additional 40,772 shares in the last quarter. DekaBank Deutsche Girozentrale lifted its stake 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 purchasing an additional 2,295 shares during the last quarter. Meeder Advisory Services Inc. boosted its position in Ovintiv by 54.0% in the second quarter. Meeder Advisory Services Inc. now owns 6,764 shares of the company’s stock valued at $317,000 after buying an additional 2,373 shares in the last quarter. Finally, Federated Hermes Inc. grew its stake in shares of Ovintiv by 3.8% during the second 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 institutional investors.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were issued a dividend of $0.30 per share. The ex-dividend date was Friday, December 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.69%. Ovintiv’s dividend payout ratio (DPR) is currently 15.92%.

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.