Ovintiv Inc. (NYSE:OVV – Get Rating) – Investment analysts at Seaport Res Ptn boosted their Q3 2024 earnings per share (EPS) estimates for shares of Ovintiv in a research note issued on Thursday, May 18th. Seaport Res Ptn analyst N. Pope now anticipates that the company will post earnings of $2.38 per share for the quarter, up from their previous estimate of $2.37. The consensus estimate for Ovintiv’s current full-year earnings is $8.31 per share. Seaport Res Ptn also issued estimates for Ovintiv’s Q4 2024 earnings at $2.64 EPS and FY2024 earnings at $9.67 EPS.
Other equities research analysts have also recently issued research reports about the company. Morgan Stanley decreased their price target on Ovintiv from $51.00 to $47.00 and set an “equal weight” rating for the company in a research note on Monday, March 27th. Citigroup cut Ovintiv from a “buy” rating to a “neutral” rating and dropped their price target for the company from $55.00 to $38.00 in a research report on Thursday, March 23rd. Royal Bank of Canada decreased their price objective on Ovintiv from $57.00 to $55.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 4th. Barclays decreased their target price on Ovintiv from $60.00 to $56.00 and set an “overweight” rating on the stock in a research note on Monday, January 23rd. Finally, Truist Financial increased their price objective on Ovintiv from $56.00 to $61.00 and gave the company a “buy” rating in a research report on Tuesday, April 11th. Seven investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.58.
Ovintiv Stock Performance
Ovintiv (NYSE:OVV – Get Rating) last announced its quarterly earnings data on Monday, February 27th. The company reported $0.91 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.75 by ($0.84). The company had revenue of $3.21 billion for the quarter, compared to the consensus estimate of $2.30 billion. Ovintiv had a return on equity of 23.98% and a net margin of 33.45%.
Ovintiv Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Shareholders of record on Thursday, June 15th will be paid a $0.30 dividend. The ex-dividend date is Wednesday, June 14th. This is a positive change from Ovintiv’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a yield of 3.48%. Ovintiv’s payout ratio is currently 5.84%.
Insider Buying and Selling at Ovintiv
In other news, Director Howard John Mayson sold 3,000 shares of the business’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $45.62, for a total transaction of $136,860.00. Following the transaction, the director now directly owns 21,403 shares in the company, valued at $976,404.86. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Ovintiv
A number of hedge funds have recently made changes to their positions in OVV. Engineers Gate Manager LP lifted its holdings in shares of Ovintiv by 62.9% during the 3rd quarter. Engineers Gate Manager LP now owns 21,855 shares of the company’s stock valued at $1,005,000 after acquiring an additional 8,435 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new position in shares of Ovintiv during the 3rd quarter valued at $143,000. Harbour Capital Advisors LLC lifted its holdings in shares of Ovintiv by 77.3% during the 4th quarter. Harbour Capital Advisors LLC now owns 9,529 shares of the company’s stock valued at $448,000 after acquiring an additional 4,154 shares in the last quarter. Keybank National Association OH lifted its holdings in shares of Ovintiv by 63.2% during the 4th quarter. Keybank National Association OH now owns 14,584 shares of the company’s stock valued at $740,000 after acquiring an additional 5,647 shares in the last quarter. Finally, Profund Advisors LLC increased its stake in Ovintiv by 7.1% during the 4th quarter. Profund Advisors LLC now owns 13,889 shares of the company’s stock worth $704,000 after buying an additional 921 shares during the period. Institutional investors and hedge funds own 76.76% of the company’s stock.
Ovintiv Company Profile
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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