Ovintiv FY2024 EPS Forecast Boosted by Capital One Financial

Ovintiv Inc. (NYSE:OVV) – Analysts at Capital One Financial raised their FY2024 earnings per share estimates for Ovintiv in a research report issued on Tuesday, January 14th. Capital One Financial analyst P. Johnston now expects that the company will earn $5.57 per share for the year, up from their prior forecast of $5.51. The consensus estimate for Ovintiv’s current full-year earnings is $5.47 per share. Capital One Financial also issued estimates for Ovintiv’s Q4 2024 earnings at $1.06 EPS, Q2 2025 earnings at $1.54 EPS, Q3 2025 earnings at $1.63 EPS, Q4 2025 earnings at $1.69 EPS and FY2026 earnings at $7.01 EPS.

Several other research firms have also recently weighed in on OVV. Mizuho decreased their target price on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Evercore ISI lowered their target price on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a report on Monday, September 30th. Truist Financial lifted their price target on shares of Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a research note on Monday. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and cut their target price for the stock from $55.00 to $54.00 in a research report on Monday. Finally, Barclays lifted their price objective on shares of Ovintiv from $53.00 to $57.00 and gave the company an “overweight” rating in a research note on Friday, November 15th. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Ovintiv presently has an average rating of “Moderate Buy” and an average price target of $56.81.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $45.91 on Thursday. Ovintiv has a one year low of $36.90 and a one year high of $55.95. The business has a 50-day simple moving average of $42.29 and a 200-day simple moving average of $42.50. 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 company has a market cap of $11.95 billion, a PE ratio of 6.09 and a beta of 2.63.

Ovintiv Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, December 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.61%. Ovintiv’s payout ratio is 15.92%.

Institutional Trading of Ovintiv

Several large investors have recently added to or reduced their stakes in OVV. Raymond James & Associates boosted its stake in shares of Ovintiv by 1.2% in the third 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 during the period. Quarry LP boosted its holdings in Ovintiv by 89.1% in the second quarter. Quarry LP now owns 40,902 shares of the company’s stock valued at $1,917,000 after purchasing an additional 19,272 shares during the last quarter. Franklin Resources Inc. grew its stake in Ovintiv by 16.0% during the 3rd quarter. Franklin Resources Inc. now owns 270,968 shares of the company’s stock valued at $11,527,000 after purchasing an additional 37,341 shares in the last quarter. Smead Capital Management Inc. increased its holdings in Ovintiv by 3.5% during the 3rd 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 raised its position in shares of Ovintiv by 4.4% in the 3rd quarter. Retirement Systems of Alabama now owns 320,759 shares of the company’s stock valued at $12,288,000 after purchasing an additional 13,536 shares in the last quarter. 83.81% of the stock is currently owned by institutional investors and hedge funds.

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.