Ovintiv Inc. (NYSE:OVV – Get Rating) – Equities researchers at Capital One Financial reduced their Q3 2022 earnings per share estimates for shares of Ovintiv in a research note issued on Monday, July 11th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings of $2.18 per share for the quarter, down from their previous forecast of $2.89. Capital One Financial has a “Overweight” rating and a $82.00 price objective on the stock. The consensus estimate for Ovintiv’s current full-year earnings is $9.43 per share. Capital One Financial also issued estimates for Ovintiv’s Q4 2022 earnings at $2.30 EPS, FY2022 earnings at $9.21 EPS and FY2023 earnings at $12.02 EPS. Ovintiv (NYSE:OVV – Get Rating) last released its earnings results on Monday, May 9th. The company reported $2.17 earnings per share for the quarter, missing the consensus estimate of $2.54 by ($0.37). The business had revenue of $1.97 billion for the quarter, compared to analysts’ expectations of $2.42 billion. Ovintiv had a net margin of 9.86% and a return on equity of 60.01%.
Several other equities research analysts have also issued reports on the company. Barclays lifted their price target on Ovintiv from $56.00 to $72.00 and gave the company an “overweight” rating in a report on Tuesday, June 14th. Morgan Stanley reduced their target price on Ovintiv from $68.00 to $65.00 and set an “overweight” rating for the company in a report on Monday, June 6th. Mizuho reduced their target price on Ovintiv from $78.00 to $77.00 and set a “buy” rating for the company in a report on Tuesday, May 31st. TD Securities reduced their target price on Ovintiv from $67.00 to $65.00 and set a “buy” rating for the company in a report on Tuesday, May 10th. Finally, Wells Fargo & Company boosted their target price on Ovintiv from $52.00 to $72.00 and gave the stock an “overweight” rating in a report on Monday, March 14th. Two analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $63.74.
In response to Putin’s invasion of Ukraine, the US dusted off a Cold War-era power and invoked the 1950’s Defense Production Act. It calls for the support of mining and manufacturing of critical minerals such as copper, to speed up the transition to green energy. But with Russia sitting on the world’s third-largest reserves of copper, new sources of mining are desperately needed.
Shares of Ovintiv stock opened at $42.18 on Tuesday. 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 52-week low of $21.92 and a 52-week high of $63.30. The stock has a 50-day simple moving average of $49.97 and a 200-day simple moving average of $46.59.
Institutional investors and hedge funds have recently modified their holdings of the company. Moors & Cabot Inc. acquired a new position in shares of Ovintiv during the third quarter valued at $25,000. UMB Bank N A MO acquired a new position in Ovintiv in the fourth quarter valued at about $39,000. CWM LLC boosted its holdings in Ovintiv by 211.8% during the first quarter. CWM LLC now owns 1,216 shares of the company’s stock worth $66,000 after buying an additional 826 shares during the last quarter. Tobam bought a new position in Ovintiv during the 1st quarter worth approximately $77,000. Finally, Deseret Mutual Benefit Administrators grew its holdings in Ovintiv by 58.8% during the fourth quarter. Deseret Mutual Benefit Administrators now owns 2,382 shares of the company’s stock valued at $80,000 after purchasing an additional 882 shares during the period. 76.96% of the stock is currently owned by institutional investors and hedge funds.
In other Ovintiv news, Director Howard John Mayson sold 550 shares of the business’s stock in a transaction on Wednesday, June 1st. The stock was sold at an average price of $58.28, for a total value of $32,054.00. Following the transaction, the director now owns 27,003 shares of the company’s stock, valued at $1,573,734.84. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Thomas G. Ricks sold 10,000 shares of the business’s stock in a transaction on Monday, May 23rd. The stock was sold at an average price of $50.00, for a total value of $500,000.00. Following the completion of the transaction, the director now directly owns 135,500 shares in the company, valued at approximately $6,775,000. The disclosure for this sale can be found here. Insiders sold 39,785 shares of company stock worth $2,213,809 over the last quarter. Company insiders own 0.76% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Wednesday, June 15th were given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.37%. This is a boost from Ovintiv’s previous quarterly dividend of $0.20. The ex-dividend date was Tuesday, June 14th.
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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