Seaport Res Ptn Weighs in on Ovintiv Inc.’s Q4 2023 Earnings (NYSE:OVV)

Posted by Defense World Staff on Jun 23rd, 2023

Ovintiv Inc. (NYSE:OVV – Get Rating) – Analysts at Seaport Res Ptn lowered their Q4 2023 EPS estimates for shares of Ovintiv in a research note issued on Wednesday, June 21st. Seaport Res Ptn analyst N. Pope now expects that the company will post earnings per share of $1.81 for the quarter, down from their previous estimate of $2.09. The consensus estimate for Ovintiv’s current full-year earnings is $7.68 per share. Seaport Res Ptn also issued estimates for Ovintiv’s Q1 2024 earnings at $2.18 EPS and Q2 2024 earnings at $1.89 EPS.

Ovintiv (NYSE:OVV – Get Rating) last announced its quarterly earnings data on Tuesday, May 9th. The company reported $1.82 EPS for the quarter, missing the consensus estimate of $1.83 by ($0.01). The company had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.34 billion. Ovintiv had a return on equity of 23.98% and a net margin of 33.45%.

Other equities analysts have also recently issued reports about the company. Wells Fargo & Company dropped their price objective on Ovintiv from $40.00 to $36.00 in a research note on Friday, May 12th. National Bankshares cut their price objective on Ovintiv from $66.00 to $61.00 and set an “outperform” rating for the company in a report on Tuesday, April 4th. TD Cowen dropped their target price on Ovintiv from $79.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, April 5th. Morgan Stanley lowered their price objective on Ovintiv from $51.00 to $47.00 and set an “equal weight” rating for the company in a research report on Monday, March 27th. Finally, BMO Capital Markets downgraded Ovintiv from an “outperform” rating to a “market perform” rating and decreased their target price for the company from $56.00 to $51.00 in a report on Tuesday, March 7th. Seven analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $57.16.

Ovintiv Stock Performance

NYSE OVV opened at $35.42 on Thursday. The company has a fifty day simple moving average of $35.61 and a 200 day simple moving average of $41.80. Ovintiv has a 12-month low of $32.07 and a 12-month high of $59.10. The company has a current ratio of 0.53, a quick ratio of 0.53 and a debt-to-equity ratio of 0.40. The company has a market cap of $9.79 billion, a P/E ratio of 2.07, a PEG ratio of 0.33 and a beta of 2.79.

Institutional Investors Weigh In On Ovintiv

A number of institutional investors and hedge funds have recently modified their holdings of OVV. Belpointe Asset Management LLC bought a new position in shares of Ovintiv in the 4th quarter worth $29,000. Miller Wealth Advisors LLC grew its position in shares of Ovintiv by 48.2% in the fourth quarter. Miller Wealth Advisors LLC now owns 664 shares of the company’s stock valued at $32,000 after purchasing an additional 216 shares in the last quarter. Clearstead Advisors LLC purchased a new stake in shares of Ovintiv in the first quarter valued at approximately $41,000. ICA Group Wealth Management LLC purchased a new position in Ovintiv in the fourth quarter worth approximately $41,000. Finally, OLD Mission Capital LLC purchased a new position in Ovintiv during the 4th quarter valued at about $45,000. 76.31% of the stock is owned by institutional investors.

Ovintiv Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be paid a dividend of $0.30 per share. This is a positive change from Ovintiv’s previous quarterly dividend of $0.25. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date is Wednesday, June 14th. Ovintiv’s dividend payout ratio (DPR) is currently 7.01%.

About Ovintiv

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Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. 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.