Ovintiv FY2024 EPS Forecast Reduced by Capital One Financial

Ovintiv Inc. (NYSE:OVV - Free Report) - Stock analysts at Capital One Financial dropped their FY2024 EPS estimates for shares of Ovintiv in a note issued to investors on Monday, November 18th. Capital One Financial analyst P. Johnston now expects that the company will post earnings of $5.49 per share for the year, down from their previous estimate 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.

OVV has been the topic of several other reports. JPMorgan Chase & Co. dropped their price objective on Ovintiv from $60.00 to $51.00 and set an "overweight" rating on the stock in a report on Thursday, September 12th. Evercore ISI lowered their target price on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a research note on Monday, September 30th. Scotiabank boosted their target price on Ovintiv from $50.00 to $53.00 and gave the stock a "sector outperform" rating in a research report on Monday. Truist Financial upped their target price on Ovintiv from $57.00 to $59.00 and gave the company a "buy" rating in a report on Friday, November 15th. Finally, Citigroup cut their price objective on shares of Ovintiv from $58.00 to $55.00 and set a "buy" rating on the stock in a research report on Monday, October 7th. Five investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Ovintiv currently has an average rating of "Moderate Buy" and a consensus target price of $56.71.

Ovintiv Stock Up 1.8 %

Shares of OVV traded up $0.81 during midday trading on Wednesday, reaching $45.41. 813,973 shares of the company were exchanged, compared to its average volume of 3,076,176. The stock has a 50-day moving average price of $40.92 and a 200-day moving average price of $44.31. The company has a market cap of $11.82 billion, a price-to-earnings ratio of 5.92 and a beta of 2.62. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46.

Hedge Funds Weigh In On Ovintiv

Several institutional investors and hedge funds have recently added to or reduced their stakes in OVV. Pacer Advisors Inc. boosted its holdings in shares of Ovintiv by 11,282.4% during the 3rd quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company's stock worth $250,687,000 after buying an additional 6,486,159 shares in the last quarter. AQR Capital Management LLC lifted its stake in shares of Ovintiv by 114.9% during the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company's stock valued at $141,889,000 after buying an additional 1,618,556 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Ovintiv by 7,422.1% in the third quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company's stock worth $52,064,000 after buying an additional 1,340,947 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its position in Ovintiv by 17.2% during the third quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company's stock worth $314,623,000 after buying an additional 1,207,610 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Ovintiv by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company's stock valued at $1,456,072,000 after buying an additional 1,024,931 shares in the last quarter. Institutional investors own 83.81% of the company's stock.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be given a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.64%. The ex-dividend date is Friday, December 13th. Ovintiv's payout ratio is currently 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.