Brokers Issue Forecasts for Ovintiv Inc.’s FY2023 Earnings (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV – Get Rating) – Research analysts at Jefferies Financial Group decreased their FY2023 earnings per share estimates for shares of Ovintiv in a research report issued on Monday, January 23rd. Jefferies Financial Group analyst L. Byrne now expects that the company will earn $11.04 per share for the year, down from their previous estimate of $11.39. Jefferies Financial Group has a “Buy” rating and a $75.00 price objective on the stock. The consensus estimate for Ovintiv’s current full-year earnings is $8.27 per share. Jefferies Financial Group also issued estimates for Ovintiv’s FY2024 earnings at $12.39 EPS, FY2025 earnings at $11.17 EPS and FY2027 earnings at $12.66 EPS.

Ovintiv (NYSE:OVV – Get Rating) last posted its quarterly earnings data on Tuesday, November 8th. The company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.98 by ($0.54). Ovintiv had a return on equity of 53.16% and a net margin of 29.27%. The firm had revenue of $3.55 billion for the quarter, compared to analyst estimates of $2.52 billion.

OVV has been the topic of several other research reports. Siebert Williams Shank initiated coverage on Ovintiv in a report on Friday, December 9th. They set a “buy” rating and a $75.00 price objective on the stock. TheStreet downgraded Ovintiv from a “b-” rating to a “c” rating in a research note on Tuesday, November 8th. Royal Bank of Canada increased their price target on Ovintiv from $57.00 to $58.00 and gave the company a “sector perform” rating in a research note on Thursday, November 10th. Barclays cut their price target on Ovintiv from $60.00 to $56.00 and set an “overweight” rating on the stock in a research note on Monday. Finally, Cowen increased their price target on Ovintiv to $79.00 in a research note on Tuesday, November 15th. Three research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $70.32.

Ovintiv Trading Down 2.2 %

NYSE:OVV opened at $50.21 on Tuesday. The stock’s fifty day moving average price is $51.15 and its two-hundred day moving average price is $50.27. Ovintiv has a 52-week low of $35.92 and a 52-week high of $63.30. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.49.

Hedge Funds Weigh In On Ovintiv

Hedge funds have recently modified their holdings of the stock. Artemis Investment Management LLP grew its holdings in shares of Ovintiv by 51.3% in the 3rd quarter. Artemis Investment Management LLP now owns 1,762,404 shares of the company’s stock valued at $81,014,000 after acquiring an additional 597,239 shares in the last quarter. Wipfli Financial Advisors LLC acquired a new stake in Ovintiv in the 3rd quarter valued at about $253,000. Veriti Management LLC lifted its stake in Ovintiv by 5.2% in the 3rd quarter. Veriti Management LLC now owns 5,602 shares of the company’s stock valued at $258,000 after purchasing an additional 276 shares during the last quarter. Coronation Fund Managers Ltd. lifted its stake in Ovintiv by 121.9% in the 3rd quarter. Coronation Fund Managers Ltd. now owns 673,325 shares of the company’s stock valued at $30,973,000 after purchasing an additional 369,874 shares during the last quarter. Finally, Zweig DiMenna Associates LLC acquired a new stake in Ovintiv in the 2nd quarter valued at about $13,151,000. Institutional investors own 76.76% of the company’s stock.

Insiders Place Their Bets

In other Ovintiv news, Director Howard John Mayson sold 2,600 shares of the stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $56.21, for a total transaction of $146,146.00. Following the completion of the transaction, the director now owns 24,403 shares in the company, valued at approximately $1,371,692.63. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, Director Howard John Mayson sold 2,600 shares of the firm’s stock in a transaction dated Monday, November 14th. The stock was sold at an average price of $56.21, for a total value of $146,146.00. Following the completion of the transaction, the director now owns 24,403 shares in the company, valued at approximately $1,371,692.63. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Renee Ellen Zemljak sold 610 shares of the firm’s stock in a transaction dated Wednesday, November 23rd. The shares were sold at an average price of $55.12, for a total value of $33,623.20. Following the completion of the transaction, the executive vice president now owns 71,814 shares of the company’s stock, valued at approximately $3,958,387.68. The disclosure for this sale can be found here. Corporate insiders own 0.76% of the company’s stock.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, December 30th. Shareholders of record on Thursday, December 15th were issued a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 1.99%. The ex-dividend date was Wednesday, December 14th.

About Ovintiv

(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.