Capital One Financial Raises Earnings Estimates for Ovintiv

Ovintiv Inc. (NYSE:OVV) – 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 forecasts that the company will earn $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 equities research analysts also recently commented on OVV. Evercore ISI lowered their target price 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. UBS Group lowered their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating for the company in a research report on Monday, December 9th. Wells Fargo & Company reduced their target price on Ovintiv from $48.00 to $42.00 and set an “equal weight” rating on the stock in a report on Tuesday, December 17th. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and lowered their price target for the stock from $55.00 to $54.00 in a report on Monday. Finally, Truist Financial lifted their price objective on Ovintiv from $59.00 to $60.00 and gave the company a “buy” rating in a report on Monday. Four investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Ovintiv has an average rating of “Moderate Buy” and a consensus target price of $56.81.

Ovintiv Price Performance

Ovintiv stock opened at $44.97 on Monday. The firm has a market capitalization of $11.71 billion, a P/E ratio of 5.96 and a beta of 2.63. The business has a 50-day moving average of $42.22 and a 200-day moving average of $42.48. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. Ovintiv has a 1 year low of $36.90 and a 1 year high of $55.95.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in OVV. Pacer Advisors Inc. boosted its position in shares of Ovintiv by 11,282.4% in the third quarter. Pacer Advisors Inc. now owns 6,543,648 shares of the company’s stock valued at $250,687,000 after acquiring an additional 6,486,159 shares during the period. AQR Capital Management LLC raised its stake in Ovintiv by 114.9% in the 2nd quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after purchasing an additional 1,618,556 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in Ovintiv by 7,422.1% in the 3rd quarter. Assenagon Asset Management S.A. now owns 1,359,014 shares of the company’s stock valued at $52,064,000 after purchasing an additional 1,340,947 shares during the period. Hotchkis & Wiley Capital Management LLC grew its position in shares of Ovintiv by 17.2% during the 3rd quarter. Hotchkis & Wiley Capital Management LLC now owns 8,212,561 shares of the company’s stock worth $314,623,000 after purchasing an additional 1,207,610 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of Ovintiv by 42.6% during the third quarter. Victory Capital Management Inc. now owns 1,174,397 shares of the company’s stock worth $44,991,000 after purchasing an additional 350,909 shares during the period. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors 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 2.67%. The ex-dividend date was Friday, December 13th. Ovintiv’s payout ratio is currently 15.92%.

Ovintiv Company Profile

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.