Capital One Financial Forecasts Ovintiv FY2024 Earnings

Ovintiv Inc. (NYSE:OVV - Free Report) - Equities research analysts at Capital One Financial upped their FY2024 earnings per share estimates for Ovintiv in a report issued on Wednesday, January 8th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $5.51 per share for the year, up from their prior estimate 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.

Several other analysts also recently commented on OVV. Barclays upped their price objective on Ovintiv from $53.00 to $57.00 and gave the company an "overweight" rating in a research note on Friday, November 15th. Scotiabank increased their price objective on Ovintiv from $50.00 to $53.00 and gave the stock a "sector outperform" rating in a research report on Monday, November 18th. Mizuho decreased their target price on shares of Ovintiv from $63.00 to $60.00 and set an "outperform" rating on the stock in a research report on Monday, December 16th. Truist Financial upped their price target on shares of Ovintiv from $57.00 to $59.00 and gave the stock a "buy" rating in a research note on Friday, November 15th. Finally, Evercore ISI reduced their price objective on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating for the company in a research note on Monday, September 30th. Four research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Ovintiv has an average rating of "Moderate Buy" and an average target price of $56.75.

Ovintiv Stock Performance

Shares of Ovintiv stock opened at $43.57 on Monday. Ovintiv has a 12 month low of $36.90 and a 12 month high of $55.95. The stock has a market capitalization of $11.34 billion, a price-to-earnings ratio of 5.78 and a beta of 2.63. The firm's fifty day simple moving average is $42.03 and its 200-day simple moving average is $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.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th were issued 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 of this dividend was Friday, December 13th. Ovintiv's dividend payout ratio (DPR) is presently 15.92%.

Hedge Funds Weigh In On Ovintiv

Several hedge funds have recently bought and sold shares of OVV. Hotchkis & Wiley Capital Management LLC boosted its stake in shares of Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company's stock valued at $314,623,000 after acquiring an additional 1,207,610 shares during the last quarter. Pacer Advisors Inc. lifted its holdings in Ovintiv by 11,282.4% in the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company's stock valued at $250,687,000 after purchasing an additional 6,486,159 shares in the last quarter. Smead Capital Management Inc. boosted its stake in shares of 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. Geode Capital Management LLC grew its holdings 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 worth $173,296,000 after buying an additional 205,409 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Ovintiv by 3.8% in the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company's stock valued at $180,194,000 after buying an additional 142,296 shares during the last quarter. 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.