Ovintiv (NYSE:OVV) Releases Quarterly Earnings Results

Ovintiv (NYSE:OVV) issued its quarterly earnings results on Thursday. The company reported $1.74 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 the consensus estimate of $2.37 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%.

Ovintiv Stock Performance

Shares of OVV traded up $0.90 during midday trading on Thursday, reaching $61.41. The stock had a trading volume of 5,760,560 shares, compared to its average volume of 4,201,244. The firm has a market cap of $17.26 billion, a PE ratio of 19.81 and a beta of 0.53. The firm has a 50 day simple moving average of $56.25 and a 200-day simple moving average of $52.89. Ovintiv has a one year low of $35.47 and a one year high of $63.46. The company has a current ratio of 0.56, a quick ratio of 0.56 and a debt-to-equity ratio of 0.48.

Ovintiv Announces Dividend

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

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the company. Texas Capital raised Ovintiv to a “strong-buy” rating in a research report on Thursday, June 25th. Royal Bank Of Canada set a $70.00 price objective on shares of Ovintiv and gave the company an “outperform” rating in a report on Monday, June 22nd. Wall Street Zen lowered shares of Ovintiv from a “buy” rating to a “hold” rating in a research report on Tuesday, June 30th. Bank of America increased their target price on shares of Ovintiv from $63.00 to $68.00 and gave the stock a “buy” rating in a report on Thursday, April 2nd. Finally, Truist Financial decreased their target price on shares of Ovintiv from $70.00 to $66.00 and set a “buy” rating for the company in a research report on Monday, July 13th. 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 company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $65.63.

Hedge Funds Weigh In On Ovintiv

A number of institutional investors have recently bought and sold shares of OVV. Los Angeles Capital Management LLC bought a new stake in Ovintiv in the fourth quarter valued at approximately $46,000. Advisory Services Network LLC bought a new stake in Ovintiv in the 3rd quarter valued at $58,000. CIBC Private Wealth Group LLC raised its stake in Ovintiv by 258.2% in the 3rd quarter. CIBC Private Wealth Group LLC now owns 1,576 shares of the company’s stock valued at $64,000 after acquiring an additional 1,136 shares during the period. Geneos Wealth Management Inc. lifted its holdings in 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 purchasing an additional 589 shares during the last quarter. Finally, Parkside Financial Bank & Trust boosted its position in Ovintiv by 30.4% during the fourth quarter. Parkside Financial Bank & Trust now owns 2,121 shares of the company’s stock worth $83,000 after purchasing an additional 495 shares during the period. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.