Capital One Financial Predicts Ovintiv FY2024 Earnings

Ovintiv Inc. (NYSE:OVV) – Investment analysts at Capital One Financial upped their FY2024 earnings per share estimates for shares of Ovintiv in a research report issued to clients and investors on Wednesday, January 8th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings of $5.51 per share for the year, up from their prior forecast of $5.49. The consensus estimate for Ovintiv’s current full-year earnings is $5.45 per share. Capital One Financial also issued estimates for Ovintiv’s Q4 2024 earnings at $1.00 EPS, Q1 2025 earnings at $1.40 EPS, Q2 2025 earnings at $1.53 EPS, Q3 2025 earnings at $1.62 EPS, Q4 2025 earnings at $1.68 EPS, FY2025 earnings at $6.24 EPS and FY2026 earnings at $6.98 EPS.

A number of other brokerages also recently weighed in on OVV. Evercore ISI cut their price target on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. Mizuho dropped their price objective on Ovintiv from $63.00 to $60.00 and set an “outperform” rating on the stock in a research note on Monday, December 16th. Wells Fargo & Company reduced their price objective on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, December 17th. Morgan Stanley lowered their target price on Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, Scotiabank increased their price target on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research note on Monday, November 18th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $56.81.

Ovintiv Stock Up 2.7 %

Shares of NYSE:OVV opened at $43.57 on Monday. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95. The company has a market capitalization of $11.34 billion, a PE ratio of 5.78 and a beta of 2.63. The business has a fifty day moving average price of $42.03 and a two-hundred day moving average price of $42.51. The company has a debt-to-equity ratio of 0.46, a current ratio of 0.52 and a quick ratio of 0.52.

Hedge Funds Weigh In On Ovintiv

Large investors have recently bought and sold shares of the business. Raymond James & Associates increased its stake in Ovintiv by 1.2% during the 3rd quarter. Raymond James & Associates now owns 196,518 shares of the company’s stock valued at $7,529,000 after purchasing an additional 2,275 shares in the last quarter. Quarry LP lifted its stake in Ovintiv by 89.1% during the 2nd quarter. Quarry LP now owns 40,902 shares of the company’s stock valued at $1,917,000 after acquiring an additional 19,272 shares during the period. Franklin Resources Inc. increased its stake in shares of Ovintiv by 16.0% in the third quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock worth $11,527,000 after acquiring an additional 37,341 shares during the period. Smead Capital Management Inc. raised its holdings in shares of Ovintiv by 3.5% during the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after purchasing an additional 212,535 shares during the last quarter. Finally, Retirement Systems of Alabama grew its position in Ovintiv by 4.4% during the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock worth $12,288,000 after purchasing an additional 13,536 shares during the period. Institutional investors own 83.81% of the company’s stock.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were given a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date was Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

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.