Brokers Issue Forecasts for Ovintiv Inc.’s Q2 2022 Earnings (NYSE:OVV)
Ovintiv Inc. (NYSE:OVV – Get Rating) – Equities research analysts at Seaport Res Ptn raised their Q2 2022 earnings per share estimates for Ovintiv in a note issued to investors on Tuesday, May 24th. Seaport Res Ptn analyst N. Pope now expects that the company will post earnings per share of $3.72 for the quarter, up from their previous estimate of $3.61. Seaport Res Ptn also issued estimates for Ovintiv’s Q3 2022 earnings at $3.83 EPS and Q4 2022 earnings at $3.45 EPS.
A number of other research firms have also recently commented on OVV. Mizuho boosted their target price on shares of Ovintiv from $54.00 to $78.00 and gave the stock a “buy” rating in a research report on Thursday, March 31st. National Bankshares cut their price target on shares of Ovintiv from $90.00 to $60.00 in a report on Thursday, April 14th. Truist Financial cut their price target on shares of Ovintiv from $80.00 to $72.00 in a report on Wednesday, May 11th. Barclays cut their price target on shares of Ovintiv from $58.00 to $56.00 and set an “overweight” rating on the stock in a report on Wednesday. Finally, Bank of America cut shares of Ovintiv from a “buy” rating to a “neutral” rating and upped their price target for the company from $60.00 to $73.00 in a report on Tuesday, March 8th. Four investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, Ovintiv presently has an average rating of “Buy” and a consensus price target of $56.62.
NYSE OVV opened at $51.08 on Thursday. The company’s fifty day simple moving average is $50.91 and its 200-day simple moving average is $42.69. Ovintiv has a 52 week low of $21.92 and a 52 week high of $57.60. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.02. The stock has a market cap of $13.19 billion, a P/E ratio of 10.51 and a beta of 3.17.
A number of hedge funds have recently modified their holdings of the stock. Weiss Multi Strategy Advisers LLC lifted its position in Ovintiv by 70.9% in the first quarter. Weiss Multi Strategy Advisers LLC now owns 315,598 shares of the company’s stock worth $17,064,000 after purchasing an additional 130,976 shares during the period. Zebra Capital Management LLC bought a new position in shares of Ovintiv during the first quarter valued at $1,169,000. Mirabella Financial Services LLP bought a new position in shares of Ovintiv during the first quarter valued at $629,000. Point72 Hong Kong Ltd bought a new position in shares of Ovintiv during the first quarter valued at $88,000. Finally, Royal Bank of Canada lifted its holdings in shares of Ovintiv by 14.4% during the first quarter. Royal Bank of Canada now owns 490,138 shares of the company’s stock valued at $26,501,000 after acquiring an additional 61,608 shares during the period. 76.96% of the stock is owned by hedge funds and other institutional investors.
In other Ovintiv news, Director Thomas G. Ricks sold 10,000 shares of the stock in a transaction that occurred on Monday, April 18th. The stock was sold at an average price of $53.73, for a total transaction of $537,300.00. Following the transaction, the director now owns 145,500 shares in the company, valued at $7,817,715. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Howard John Mayson sold 2,200 shares of the stock in a transaction that occurred on Friday, March 18th. The shares were sold at an average price of $48.09, for a total value of $105,798.00. The disclosure for this sale can be found here. Insiders have sold 22,200 shares of company stock valued at $1,143,098 over the last ninety days. Insiders own 1.70% of the company’s stock.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Wednesday, June 15th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, June 14th. This is a positive change from Ovintiv’s previous quarterly dividend of $0.20. This represents a $1.00 dividend on an annualized basis and a yield of 1.96%.
About Ovintiv (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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