Ovintiv (NYSE:OVV) Posts Quarterly Earnings Results, Beats Expectations By $0.41 EPS

Ovintiv (NYSE:OVV) released its earnings results on Monday. The company reported $1.39 earnings per share for the quarter, beating the consensus estimate of $0.98 by $0.41, Zacks reports. Ovintiv had a net margin of 2.64% and a return on equity of 12.22%. The business had revenue of $1.89 billion during the quarter, compared to analysts’ expectations of $1.89 billion. During the same period last year, the business earned ($0.23) earnings per share.

Ovintiv Price Performance

Shares of Ovintiv stock opened at $50.85 on Tuesday. The company has a quick ratio of 0.45, a current ratio of 0.45 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $12.88 billion, a price-to-earnings ratio of 55.88, a price-to-earnings-growth ratio of 2.84 and a beta of 0.78. Ovintiv has a twelve month low of $29.80 and a twelve month high of $51.23. The company has a 50-day simple moving average of $41.90 and a two-hundred day simple moving average of $40.56.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Investors of record on Friday, March 13th will be given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Friday, March 13th. Ovintiv’s dividend payout ratio (DPR) is currently 131.87%.

Insider Activity

In other news, COO Gregory Dean Givens sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the transaction, the chief operating officer directly owned 105,867 shares of the company’s stock, valued at approximately $4,269,616.11. This trade represents a 32.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.89% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Ovintiv

Large investors have recently added to or reduced their stakes in the stock. Integrated Wealth Concepts LLC raised its holdings in Ovintiv by 70.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after acquiring an additional 3,788 shares in the last quarter. Great Lakes Advisors LLC bought a new position in shares of Ovintiv in the first quarter worth $202,000. Focus Partners Wealth increased its position in shares of Ovintiv by 49.3% in the first quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after purchasing an additional 6,364 shares during the period. Geneos Wealth Management Inc. raised its stake in Ovintiv by 47.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock valued at $78,000 after purchasing an additional 589 shares in the last quarter. Finally, EverSource Wealth Advisors LLC lifted its position in Ovintiv by 103.2% during the second quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock worth $126,000 after purchasing an additional 1,675 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

Wall Street Analysts Forecast Growth

OVV has been the subject of a number of research analyst reports. National Bank Financial lifted their price objective on shares of Ovintiv from $54.00 to $56.00 and gave the stock an “outperform” rating in a research report on Tuesday, February 3rd. Wells Fargo & Company raised their target price on shares of Ovintiv from $38.00 to $42.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 18th. Zacks Research downgraded shares of Ovintiv from a “hold” rating to a “strong sell” rating in a report on Monday, February 2nd. TD Cowen upgraded shares of Ovintiv to a “strong-buy” rating in a research note on Monday, February 9th. Finally, Weiss Ratings restated a “hold (c-)” rating on shares of Ovintiv in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $51.22.

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.