Capital One Financial Predicts Ovintiv FY2024 Earnings

Ovintiv Inc. (NYSE:OVV) – Research analysts at Capital One Financial dropped their FY2024 EPS estimates for Ovintiv in a research note issued to investors on Monday, November 18th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $5.49 per share for the year, down from their prior forecast 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.

Other equities analysts have also issued research reports about the stock. Mizuho decreased their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Truist Financial lifted their price objective on Ovintiv from $57.00 to $59.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Wells Fargo & Company reduced their price objective on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a research report on Tuesday, October 1st. Royal Bank of Canada lowered their price target on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a report on Thursday, August 1st. Finally, Barclays raised their target price on Ovintiv from $53.00 to $57.00 and gave the stock an “overweight” rating in a research report on Friday, November 15th. Five 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 company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.71.

Ovintiv Price Performance

NYSE:OVV opened at $44.62 on Wednesday. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46. The firm has a market cap of $11.62 billion, a P/E ratio of 5.92 and a beta of 2.62. Ovintiv has a 52-week low of $36.90 and a 52-week high of $55.95. The business’s 50-day moving average price is $40.92 and its 200 day moving average price is $44.31.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds and other institutional investors have recently made changes to their positions in OVV. Vanguard Group Inc. increased its stake in 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 purchasing an additional 1,024,931 shares in the last quarter. Hotchkis & Wiley Capital Management LLC grew its holdings 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 valued at $314,623,000 after purchasing an additional 1,207,610 shares during the period. Pacer Advisors Inc. grew its stake 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 acquiring an additional 6,486,159 shares during the period. Smead Capital Management Inc. increased its stake in shares of Ovintiv by 3.5% in the third quarter. Smead Capital Management Inc. now owns 6,303,203 shares of the company’s stock worth $241,476,000 after purchasing an additional 212,535 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in Ovintiv by 4.7% in the 3rd quarter. Geode Capital Management LLC now owns 4,533,633 shares of the company’s stock valued at $173,296,000 after buying an additional 205,409 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.69%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) 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.