Ovintiv Inc. (NYSE: OVV) – Capital One Financial dropped its estimates of first quarter 2022 earnings per share for Ovintiv shares in a notice to investors on Wednesday, September 29. Capital One Financial analyst P. Johnston now predicts the company will earn $ 1.53 per share for the quarter, down from its previous estimate of $ 1.54. Capital One Financial also released estimates for Ovintiv earnings in Q2 2022 at $ 1.56 EPS, Q3 2022 earnings at $ 1.58 EPS, Q4 2022 earnings at $ 1.60 EPS, FY2022 earnings at $ 6.26 EPS and FY2023 profits at $ 5.71 EPS.
A number of other stock analysts have also published reports on the company. National Bank Financial lowered its price target on Ovintiv from $ 41.00 to $ 38.00 and established an “outperformance” rating for the company in a report released on Friday, July 30. downgraded Ovintiv from a “neutral” rating to a “buy” rating and increased its price target for the company from $ 34.00 to $ 43.00 in a research report released on Friday, June 25. Seaport Global Securities launched a cover on Ovintiv in a report on Thursday, September 23. They issued a “buy” note and a target price of $ 42.00 for the company. Credit Suisse Group Upgraded Ovintiv’s Shares From “Neutral” To “Outperforming” Rating And Raised Its Share Price Target From $ 29 To $ 38.00 In A Research Note On Monday July 19. Finally, Seaport Res Ptn reaffirmed a “buy” note on Ovintiv shares in a research note on Thursday, September 23. Five equity research analysts rated the stock with a conservation rating and twenty issued a buy rating for the company. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $ 33.31.
NYSE: OVV opened at $ 32.88 on Friday. The company has a debt to equity ratio of 1.22, a quick ratio of 0.43, and a current ratio of 0.43. The stock has a market cap of $ 8.58 billion, a price-to-earnings ratio of -4.19 and a beta of 3.92. Ovintiv has a one-year low of $ 6.81 and a one-year high of $ 33.78. The company’s 50-day simple moving average is $ 27.25 and its 200-day simple moving average is $ 27.05. Ovintiv (NYSE: OVV) last released its quarterly results on Tuesday, July 27. The company reported EPS of $ 1.11 for the quarter, beating Thomson Reuters’ consensus estimate of $ 0.75 of $ 0.36. Ovintiv recorded a positive return on equity of 18.65% and a negative net margin of 32.51%. The company posted revenue of $ 1.69 billion for the quarter, compared to analysts’ expectations of $ 1.81 billion.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 30. Shareholders of record on Wednesday September 15 received a dividend of $ 0.14. The ex-dividend date was Tuesday, September 14. This is an increase from Ovintiv’s previous quarterly dividend of $ 0.09. This represents a dividend of $ 0.56 on an annualized basis and a dividend yield of 1.70%. Ovintiv’s dividend payout ratio is currently 160.00%.
In other Ovintiv news, director Katherine Lucas Minyard bought 5,130 Ovintiv shares in a transaction dated Thursday, August 5. The shares were purchased at an average cost of $ 25.51 per share, for a total value of $ 130,866.30. The acquisition was disclosed in a filing with the SEC, which is available on the SEC’s website. 1.70% of the shares are held by insiders of the company.
Institutional investors and hedge funds have recently changed their positions in the company. IFP Advisors Inc purchased a new stake in Ovintiv in the second quarter valued at $ 31,000. FORA Capital LLC purchased a new stake in Ovintiv in the second quarter valued at $ 42,000. Eaton Vance Management purchased a new stake in Ovintiv in the first quarter valued at $ 47,000. Deseret Mutual Benefit Administrators purchased a new stake in Ovintiv in the second quarter valued at $ 47,000. Finally, Harvest Fund Management Co. Ltd increased its position in Ovintiv shares by 122.5% during the first quarter. Harvest Fund Management Co. Ltd. now owns 3,818 shares of the company valued at $ 90,000 after purchasing an additional 2,102 shares in the last quarter. 70.06% of the shares are held by institutional investors and hedge funds.
Ovintiv Company Profile
Ovintiv Inc, together with its subsidiaries, is engaged in the exploration, development, production and marketing of natural gas, petroleum and natural gas liquids. It operates through the US Operations, Canadian Operations and Market Optimization segments. The company’s main assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeastern British Columbia and northwestern Alberta.
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