Brokers Set Expectations for Ovintiv Inc.’s Q1 2024 Earnings (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV) – Analysts at Capital One Financial increased their Q1 2024 earnings estimates for shares of Ovintiv in a research report issued to clients and investors on Friday, April 19th. Capital One Financial analyst P. Johnston now anticipates that the company will earn $1.39 per share for the quarter, up from their previous forecast 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.

OVV has been the subject of a number of other research reports. Scotiabank cut their price target on shares of Ovintiv from $53.00 to $50.00 and set an “outperform” rating for the company in a report on Tuesday, January 16th. National Bankshares cut their price target on shares of Ovintiv from $69.00 to $53.00 and set an “outperform” rating for the company in a report on Wednesday, January 10th. 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. Wells Fargo & Company lowered their price objective on shares of Ovintiv from $46.00 to $44.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 17th. Finally, Citigroup raised their price target on shares of Ovintiv from $52.00 to $58.00 and gave the company a “buy” rating in a research report on Monday, March 18th. Four equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $56.71.

Ovintiv Stock Up 0.9 %

OVV stock opened at $51.98 on Monday. The firm has a 50-day moving average of $50.02 and a two-hundred day moving average of $46.42. The company has a market cap of $13.98 billion, a price-to-earnings ratio of 6.59 and a beta of 2.65. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.53. Ovintiv has a 12 month low of $32.07 and a 12 month high of $55.95.

Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, February 27th. The company reported $2.35 EPS for the quarter, beating analysts’ consensus estimates of $1.94 by $0.41. The company had revenue of $3.17 billion during the quarter, compared to the consensus estimate of $2.75 billion. Ovintiv had a net margin of 19.16% and a return on equity of 19.50%.

Institutional Trading of Ovintiv

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in shares of Ovintiv by 10.1% during the third 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. FMR LLC raised its holdings in shares of Ovintiv by 2.3% during the third quarter. FMR LLC now owns 22,877,626 shares of the company’s stock worth $1,088,289,000 after purchasing an additional 507,562 shares during the period. State Street Corp raised its holdings in shares of Ovintiv by 38.8% during the second quarter. State Street Corp now owns 9,748,971 shares of the company’s stock worth $371,143,000 after purchasing an additional 2,724,998 shares during the period. Smead Capital Management Inc. increased its holdings in shares of Ovintiv by 2.5% in the 3rd quarter. Smead Capital Management Inc. now owns 5,524,515 shares of the company’s stock worth $262,801,000 after acquiring an additional 136,016 shares during the period. Finally, Arrowstreet Capital Limited Partnership increased its holdings in shares of Ovintiv by 63.2% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 3,950,457 shares of the company’s stock worth $213,604,000 after acquiring an additional 1,530,397 shares during the period. 83.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Ovintiv news, EVP Renee Ellen Zemljak sold 76,264 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $50.96, for a total value of $3,886,413.44. Following the sale, the executive vice president now owns 23,672 shares of the company’s stock, valued at $1,206,325.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Rachel Maureen Moore sold 9,300 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.65, for a total value of $471,045.00. Following the completion of the transaction, the executive vice president now owns 52,557 shares of the company’s stock, valued at $2,662,012.05. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the completion of the transaction, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 91,564 shares of company stock valued at $4,660,818. Corporate insiders own 1.70% of the company’s stock.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were issued a dividend of $0.30 per share. This represents a $1.20 dividend on an annualized basis and a yield of 2.31%. The ex-dividend date was Thursday, March 14th. Ovintiv’s dividend payout ratio is currently 15.21%.

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.