Ovintiv Inc. to Post Q1 2024 Earnings of $1.32 Per Share, Capital One Financial Forecasts (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV) – Equities researchers at Capital One Financial lifted their Q1 2024 EPS estimates for Ovintiv in a report released on Wednesday, April 3rd. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $1.32 per share for the quarter, up from their prior estimate of $1.13. The consensus estimate for Ovintiv’s current full-year earnings is $6.03 per share. Capital One Financial also issued estimates for Ovintiv’s Q2 2024 earnings at $1.59 EPS, Q3 2024 earnings at $1.75 EPS, Q4 2024 earnings at $1.77 EPS, FY2024 earnings at $6.43 EPS and FY2025 earnings at $7.36 EPS.

Other analysts have also issued reports about the stock. Scotiabank lowered their price objective on shares of Ovintiv from $53.00 to $50.00 and set an “outperform” rating for the company in a research note on Tuesday, January 16th. The Goldman Sachs Group upped their price objective on shares of Ovintiv from $47.00 to $56.00 and gave the company a “neutral” rating in a report on Tuesday, March 26th. Wells Fargo & Company cut their price objective on shares of Ovintiv from $46.00 to $44.00 and set an “equal weight” rating on the stock in a report on Wednesday, January 17th. Morgan Stanley increased their price target on shares of Ovintiv from $48.00 to $49.00 and gave the stock an “equal weight” rating in a report on Thursday, March 28th. Finally, Citigroup increased their price target on shares of Ovintiv from $52.00 to $58.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Four research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Ovintiv Stock Up 0.4 %

NYSE:OVV opened at $55.56 on Monday. Ovintiv has a 1-year low of $32.07 and a 1-year high of $55.66. The company has a 50-day moving average of $48.21 and a 200 day moving average of $46.07. The firm has a market cap of $14.94 billion, a PE ratio of 7.04 and a beta of 2.65. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.60 and a quick ratio of 0.60.

Ovintiv (NYSE:OVV) last issued its earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.94 by $0.41. The firm had revenue of $3.17 billion during the quarter, compared to analyst estimates of $2.75 billion. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%.

Ovintiv Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Shareholders of record on Friday, March 15th were given a $0.30 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.20 annualized dividend and a yield of 2.16%. Ovintiv’s dividend payout ratio is presently 15.21%.

Insiders Place Their Bets

In other Ovintiv news, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the sale, the executive vice president now owns 23,672 shares in the company, valued at approximately $1,206,325.12. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, Director Howard John Mayson sold 6,000 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $50.56, for a total transaction of $303,360.00. Following the transaction, the director now owns 36,840 shares in the company, valued at approximately $1,862,630.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total value of $3,886,413.44. Following the transaction, the executive vice president now owns 23,672 shares in the company, valued at approximately $1,206,325.12. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 91,564 shares of company stock worth $4,660,818. Corporate insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Victory Capital Management Inc. lifted its holdings 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 purchasing an additional 51,261 shares in the last quarter. Toronto Dominion Bank increased its stake in shares of Ovintiv by 15.5% in the 3rd quarter. Toronto Dominion Bank now owns 761,303 shares of the company’s stock worth $36,215,000 after acquiring an additional 101,978 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Ovintiv by 10.1% in the 3rd quarter. Vanguard Group Inc. now owns 27,029,983 shares of the company’s stock worth $1,285,816,000 after acquiring an additional 2,484,554 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Ovintiv by 2.5% in the 3rd quarter. Legal & General Group Plc now owns 1,124,654 shares of the company’s stock worth $53,500,000 after acquiring an additional 27,381 shares during the last quarter. Finally, Comerica Bank acquired a new stake in shares of Ovintiv in the 3rd quarter worth $18,097,000. Hedge funds and other institutional investors own 83.81% of the company’s stock.

Ovintiv Company Profile

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.