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

by · The Markets Daily

Ovintiv Inc. (NYSE:OVV – Free Report) – Capital One Financial lowered their Q3 2024 earnings estimates for shares of Ovintiv in a note issued to investors on Monday, October 14th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings per share of $1.08 for the quarter, down from their previous estimate of $1.18. The consensus estimate for Ovintiv’s current full-year earnings is $4.90 per share. Capital One Financial also issued estimates for Ovintiv’s FY2024 earnings at $4.82 EPS.

Ovintiv (NYSE:OVV – Get Free Report) last posted its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to the consensus estimate of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%.

OVV has been the topic of several other reports. JPMorgan Chase & Co. lowered their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Wells Fargo & Company lowered their target price on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 1st. Truist Financial decreased their price target on Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Citigroup dropped their price objective on Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Finally, Mizuho decreased their target price on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Five analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. According to data from MarketBeat.com, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

View Our Latest Stock Report on OVV

Ovintiv Price Performance

Shares of OVV opened at $41.06 on Wednesday. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95. The stock has a market capitalization of $10.96 billion, a P/E ratio of 5.73, a P/E/G ratio of 8.02 and a beta of 2.61. The company has a 50 day moving average of $41.47 and a 200-day moving average of $46.40.

Institutional Trading of Ovintiv

Several hedge funds have recently added to or reduced their stakes in the company. SageView Advisory Group LLC bought a new stake in shares of Ovintiv in the fourth quarter valued at about $500,000. PNC Financial Services Group Inc. boosted its holdings in Ovintiv by 10.9% in the 4th quarter. PNC Financial Services Group Inc. now owns 14,374 shares of the company’s stock valued at $631,000 after purchasing an additional 1,416 shares during the period. HighPoint Advisor Group LLC acquired a new position in shares of Ovintiv during the 4th quarter worth approximately $173,000. CWM LLC increased its holdings in shares of Ovintiv by 68.4% during the first quarter. CWM LLC now owns 5,175 shares of the company’s stock worth $269,000 after purchasing an additional 2,102 shares during the period. Finally, GAMMA Investing LLC raised its position in shares of Ovintiv by 7.5% in the first quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock valued at $165,000 after buying an additional 220 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were paid a dividend of $0.30 per share. The ex-dividend date was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.92%. Ovintiv’s dividend payout ratio (DPR) is currently 16.76%.

Ovintiv Company Profile

(Get Free Report)

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.

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