Ovintiv Inc. (NYSE: OVV – Get a rating) – Capital One Financial cut its fiscal 2022 earnings estimates for Ovintiv in a research note published Thursday, August 4. Capital One Financial analyst P. Johnston now expects the company to earn $9.06 per share for the year, down from its previous forecast of $9.21. The consensus estimate of Ovintiv’s current annual earnings is $9.97 per share.
A number of other research companies have also weighed in on OVV recently. National Bank Financial raised its target price on Ovintiv shares from $90.00 to $115.00 in a Thursday, June 16 research report. Citigroup raised its price target on Ovintiv shares from $46.00 to $64.00 in a Tuesday, April 26 research report. TD Securities cut its price target on Ovintiv from $67.00 to $65.00 and set a “buy” rating on the stock in a Tuesday, May 10 report. Truist Financial raised its price target on Ovintiv from $72.00 to $77.00 and gave the stock a “buy” rating in a Tuesday, July 19 report. Finally, Morgan Stanley cut its price target on Ovintiv from $65.00 to $64.00 and set an “overweight” rating on the stock in a Tuesday, July 19 report. One equity research analyst gave the stock a hold rating and fifteen gave the company’s stock a buy rating. According to data from MarketBeat.com, the stock currently has a “moderate buy” consensus rating and an average price target of $66.50.
Ovintiv stock up 4.8%
OVV stock opened at $47.82 on Monday. The company has a 50-day moving average price of $48.64 and a 200-day moving average price of $47.65. Ovintiv has a 12-month low of $21.92 and a 12-month high of $63.30. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt ratio of 1.02. The stock has a market capitalization of $12.24 billion, a P/E ratio of 10.84, a price-to-earnings growth ratio of 0.12 and a beta of 3.05.
Ovintiv (NYSE:OVV- Get a rating) last released its results on Monday, May 9. The company reported EPS of $2.17 for the quarter, missing analyst consensus estimates of $2.54 per ($0.37). The company posted revenue of $1.97 billion in the quarter, versus a consensus estimate of $2.42 billion. Ovintiv had a return on equity of 65.58% and a net margin of 22.42%.
Ovintiv Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30. Shareholders of record on Thursday, September 15 will receive a dividend of $0.25 per share. This represents a dividend of $1.00 on an annualized basis and a yield of 2.09%. The ex-dividend date is Wednesday, September 14.
Insider Buying and Selling at Ovintiv
In other news, Director Thomas G. Ricks sold 19,231 Ovintiv shares in a transaction dated Tuesday, June 7. The stock was sold at an average price of $59.50, for a total transaction of $1,144,244.50. Following the completion of the sale, the administrator now owns 116,269 shares of the company, valued at approximately $6,918,005.50. The sale was disclosed in a filing with the SEC, accessible via this hyperlink. In other Ovintiv news, Director Howard John Mayson sold 550 Ovintiv shares in a trade on Wednesday, June 1. The stock was sold at an average price of $58.28, for a total value of $32,054.00. As a result of the transaction, the administrator now directly owns 27,003 shares of the company, valued at approximately $1,573,734.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available via the SEC website. Additionally, director Thomas G. Ricks sold 19,231 shares of the company in a trade that took place on Tuesday, June 7. The shares were sold at an average price of $59.50, for a total value of $1,144,244.50. Following the transaction, the administrator now directly owns 116,269 shares of the company, valued at $6,918,005.50. Disclosure of this sale can be found here. Insiders sold 29,785 shares of the company valued at $1,676,509 during the last quarter. 1.70% of the shares are currently held by insiders.
Institutional investors weigh in on Ovintiv
Several hedge funds have recently increased or reduced their holdings in the stock. Private Capital Group LLC increased its position in Ovintiv by 7.1% in the second quarter. Private Capital Group LLC now owns 3,114 shares of the company worth $138,000 after buying 207 additional shares in the last quarter. CWM LLC increased its stake in Ovintiv by 20.1% during the second quarter. CWM LLC now owns 1,460 shares of the company valued at $65,000 after purchasing an additional 244 shares in the last quarter. Veriti Management LLC increased its stake in Ovintiv by 5.2% during the second quarter. Veriti Management LLC now owns 5,326 shares of the company valued at $235,000 after purchasing an additional 263 shares in the last quarter. Diversified Trust Co increased its stake in Ovintiv shares by 0.8% in Q1. Diversified Trust Co now owns 34,031 shares of the company valued at $1,840,000 after buying 286 additional shares in the last quarter. Finally, Gateway Investment Advisers LLC increased its stake in Ovintiv shares by 1.3% during the 2nd quarter. Gateway Investment Advisers LLC now owns 23,074 shares of the company worth $1,020,000 after acquiring 293 additional shares in the last quarter. 76.96% of the shares are held by institutional investors.
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 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 northeastern British Columbia and northwestern Alberta.
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