Capital One Financial Weighs in on Ovintiv Inc.’s Q1 2024 Earnings (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV) – Investment analysts at Capital One Financial upped their Q1 2024 earnings per share estimates for Ovintiv in a research report issued on Friday, April 19th. Capital One Financial analyst P. Johnston now expects that the company will post earnings of $1.39 per share for the quarter, up from their previous estimate of $1.38. The consensus estimate for Ovintiv’s current full-year earnings is $6.36 per share. Capital One Financial also issued estimates for Ovintiv’s FY2024 earnings at $6.45 EPS.

A number of other equities analysts have also commented on the stock. Scotiabank cut their price target on shares of Ovintiv from $53.00 to $50.00 and set an “outperform” rating on the stock in a report on Tuesday, January 16th. Morgan Stanley lifted their price objective on Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Royal Bank of Canada raised their price target on shares of Ovintiv from $48.00 to $49.00 and gave the stock a “sector perform” rating in a report on Thursday, February 29th. The Goldman Sachs Group increased their price objective on shares of Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a research report on Tuesday, March 26th. Finally, National Bankshares lowered their price objective on Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, January 10th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.71.

Ovintiv Stock Performance

Shares of OVV stock opened at $52.18 on Monday. The business’s 50-day moving average price is $50.21 and its 200-day moving average price is $46.48. Ovintiv has a 12 month low of $32.07 and a 12 month high of $55.95. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $14.03 billion, a price-to-earnings ratio of 6.61 and a beta of 2.65.

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

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.30 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.30%. Ovintiv’s payout ratio is 15.21%.

Insider Buying and Selling

In other Ovintiv news, Director Howard John Mayson sold 6,000 shares of the firm’s stock in a transaction 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 directly owns 36,840 shares in the company, valued at approximately $1,862,630.40. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Ovintiv news, EVP Rachel Maureen Moore sold 9,300 shares of Ovintiv stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.65, for a total transaction of $471,045.00. Following the transaction, the executive vice president now owns 52,557 shares of the company’s stock, valued at approximately $2,662,012.05. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Howard John Mayson sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $50.56, for a total value of $303,360.00. Following the completion of the transaction, the director now owns 36,840 shares in the company, valued at approximately $1,862,630.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 91,564 shares of company stock worth $4,660,818. 0.97% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Victory Capital Management Inc. increased its holdings in Ovintiv by 10.7% during the third quarter. Victory Capital Management Inc. now owns 528,836 shares of the company’s stock worth $25,157,000 after buying an additional 51,261 shares during the last quarter. Toronto Dominion Bank increased its stake in shares of Ovintiv by 15.5% during the 3rd quarter. Toronto Dominion Bank now owns 761,303 shares of the company’s stock worth $36,215,000 after purchasing an additional 101,978 shares during the last quarter. Vanguard Group Inc. raised its holdings 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 purchasing an additional 2,484,554 shares during the period. Legal & General Group Plc lifted its stake in Ovintiv by 2.5% in the third quarter. Legal & General Group Plc now owns 1,124,654 shares of the company’s stock valued at $53,500,000 after purchasing an additional 27,381 shares during the last quarter. Finally, Comerica Bank bought a new position in Ovintiv during the third quarter valued at $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.