Capital One Financial Lowers Earnings Estimates for Ovintiv

Ovintiv Inc. (NYSE:OVV) – Stock analysts at Capital One Financial reduced their FY2024 EPS estimates for Ovintiv in a research note issued on Monday, November 18th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings per share of $5.49 for the year, down from their previous forecast of $5.59. The consensus estimate for Ovintiv’s current full-year earnings is $5.14 per share. Capital One Financial also issued estimates for Ovintiv’s Q4 2024 earnings at $0.98 EPS and FY2026 earnings at $5.85 EPS.

Other research analysts also recently issued research reports about the stock. Scotiabank increased their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a report on Monday. Truist Financial increased their price target on Ovintiv from $57.00 to $59.00 and gave the company a “buy” rating in a research note on Friday, November 15th. UBS Group lifted their price objective on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research note on Monday. Wells Fargo & Company lowered their target price on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 1st. Finally, Royal Bank of Canada decreased their price target on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research note on Thursday, August 1st. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Ovintiv currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.71.

Ovintiv Stock Performance

OVV opened at $45.75 on Wednesday. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52. The stock has a market capitalization of $11.91 billion, a price-to-earnings ratio of 6.07 and a beta of 2.62. The company has a fifty day moving average of $41.06 and a 200 day moving average of $44.32. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95.

Institutional Trading of Ovintiv

Institutional investors and hedge funds have recently made changes to their positions in the business. Geode Capital Management LLC raised its stake in shares of Ovintiv by 4.7% during the third quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after acquiring an additional 205,409 shares in the last quarter. M&T Bank Corp increased its holdings in Ovintiv by 21.2% during the 3rd quarter. M&T Bank Corp now owns 16,278 shares of the company’s stock worth $624,000 after purchasing an additional 2,850 shares during the period. Y Intercept Hong Kong Ltd raised its position in Ovintiv by 64.4% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 59,856 shares of the company’s stock valued at $2,293,000 after purchasing an additional 23,452 shares in the last quarter. MML Investors Services LLC lifted its holdings in shares of Ovintiv by 11.3% in the 3rd quarter. MML Investors Services LLC now owns 10,570 shares of the company’s stock worth $405,000 after buying an additional 1,074 shares during the period. Finally, Orion Portfolio Solutions LLC increased its stake in shares of Ovintiv by 5.6% during the third quarter. Orion Portfolio Solutions LLC now owns 42,304 shares of the company’s stock valued at $1,621,000 after buying an additional 2,244 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a $0.30 dividend. The ex-dividend date is Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.62%. Ovintiv’s payout ratio is 15.92%.

About Ovintiv

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.