Ovintiv FY2024 EPS Estimate Boosted by Capital One Financial

Ovintiv Inc. (NYSE:OVV - Free Report) - Stock analysts at Capital One Financial upped their FY2024 earnings per share (EPS) estimates for Ovintiv in a research note issued on Tuesday, January 14th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings per share of $5.57 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.

A number of other equities analysts also recently issued reports on the company. UBS Group cut their target price on Ovintiv from $59.00 to $56.00 and set a "buy" rating for the company in a research note on Monday, December 9th. Mizuho cut their price objective on Ovintiv from $63.00 to $60.00 and set an "outperform" rating for the company in a research report on Monday, December 16th. Barclays raised their target price on Ovintiv from $53.00 to $57.00 and gave the company an "overweight" rating in a report on Friday, November 15th. Scotiabank upped their price target on shares of Ovintiv from $50.00 to $53.00 and gave the stock a "sector outperform" rating in a research note on Monday, November 18th. Finally, Truist Financial increased their price target on shares of Ovintiv from $59.00 to $60.00 and gave the company a "buy" rating in a report on Monday. Four equities 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 stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $56.81.

Ovintiv Stock Performance

NYSE OVV traded up $0.17 during trading hours on Thursday, hitting $45.91. 3,004,392 shares of the stock were exchanged, compared to its average volume of 2,765,259. Ovintiv has a 12-month low of $36.90 and a 12-month high of $55.95. The stock has a 50-day moving average of $42.29 and a 200 day moving average of $42.50. The company has a market cap of $11.95 billion, a price-to-earnings ratio of 6.09 and a beta of 2.63. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th were given a $0.30 dividend. 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 dividend payout ratio is currently 15.92%.

Institutional Trading of Ovintiv

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. True Wealth Design LLC lifted its holdings in Ovintiv by 3,180.0% in the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company's stock valued at $25,000 after purchasing an additional 636 shares in the last quarter. MassMutual Private Wealth & Trust FSB raised its position in shares of Ovintiv by 100.8% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company's stock valued at $29,000 after buying an additional 360 shares during the last quarter. UMB Bank n.a. lifted its stake in shares of Ovintiv by 27.7% during the third quarter. UMB Bank n.a. now owns 1,317 shares of the company's stock valued at $50,000 after buying an additional 286 shares during the period. Transamerica Financial Advisors Inc. acquired a new stake in Ovintiv during the third quarter worth approximately $65,000. Finally, Covestor Ltd grew its stake in Ovintiv by 43.9% in the 3rd quarter. Covestor Ltd now owns 1,835 shares of the company's stock worth $70,000 after acquiring an additional 560 shares during the period. Hedge funds and other institutional investors own 83.81% of the company's stock.

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.