Capital One Financial Equities Analysts Increase Earnings Estimates for Ovintiv Inc. (NYSE:OVV)

Ovintiv Inc. (NYSE:OVVGet Rating) – Analysts at Capital One Financial raised their Q2 2022 earnings estimates for shares of Ovintiv in a research report issued to clients and investors on Wednesday, May 18th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings of $2.85 per share for the quarter, up from their previous estimate of $2.20. Capital One Financial currently has a “Overweight” rating and a $82.00 target price on the stock. Capital One Financial also issued estimates for Ovintiv’s Q3 2022 earnings at $2.89 EPS, Q4 2022 earnings at $3.09 EPS, FY2022 earnings at $11.00 EPS and FY2023 earnings at $16.63 EPS.

Several other analysts also recently commented on OVV. National Bankshares cut their target price on Ovintiv from $90.00 to $60.00 in a research note on Thursday, April 14th. TheStreet upgraded Ovintiv from a “c” rating to a “b-” rating in a research note on Tuesday, March 1st. TD Securities cut their target price on Ovintiv from $67.00 to $65.00 and set a “buy” rating on the stock in a research note on Tuesday, May 10th. Citigroup increased their target price on Ovintiv from $46.00 to $64.00 in a research note on Tuesday, April 26th. Finally, Bank of America downgraded Ovintiv from a “buy” rating to a “neutral” rating and raised their price target for the stock from $60.00 to $73.00 in a research note on Tuesday, March 8th. Four equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $56.62.

Shares of OVV opened at $47.20 on Monday. The business’s fifty day simple moving average is $50.60 and its two-hundred day simple moving average is $42.50. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.02. Ovintiv has a 12 month low of $21.92 and a 12 month high of $57.60. The company has a market cap of $12.21 billion, a price-to-earnings ratio of 10.51 and a beta of 3.17.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NFJ Investment Group LLC purchased a new position in Ovintiv in the third quarter worth about $3,797,000. Teacher Retirement System of Texas grew its position in Ovintiv by 4.8% in the fourth quarter. Teacher Retirement System of Texas now owns 110,754 shares of the company’s stock worth $3,732,000 after acquiring an additional 5,056 shares in the last quarter. GSA Capital Partners LLP grew its position in Ovintiv by 532.8% in the third quarter. GSA Capital Partners LLP now owns 41,148 shares of the company’s stock worth $1,353,000 after acquiring an additional 34,645 shares in the last quarter. Trexquant Investment LP grew its position in Ovintiv by 820.9% in the third quarter. Trexquant Investment LP now owns 116,543 shares of the company’s stock worth $3,832,000 after acquiring an additional 103,887 shares in the last quarter. Finally, Shell Asset Management Co. boosted its position in shares of Ovintiv by 12.1% during the fourth quarter. Shell Asset Management Co. now owns 22,627 shares of the company’s stock valued at $763,000 after buying an additional 2,450 shares during the period. Institutional investors own 76.96% of the company’s stock.

In other news, Director Thomas G. Ricks sold 10,000 shares of Ovintiv stock in a transaction dated Monday, April 18th. The stock was sold at an average price of $53.73, for a total value of $537,300.00. Following the sale, the director now directly owns 145,500 shares of the company’s stock, valued at $7,817,715. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Howard John Mayson sold 2,200 shares of Ovintiv stock in a transaction dated Friday, March 18th. The stock was sold at an average price of $48.09, for a total value of $105,798.00. The disclosure for this sale can be found here. 1.70% of the stock is owned by company insiders.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Wednesday, June 15th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, June 14th. This is a boost from Ovintiv’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 2.12%.

Ovintiv Company Profile (Get Rating)

Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

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Earnings History and Estimates for Ovintiv (NYSE:OVV)

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