Zacks Research Equities Analysts Increase Earnings Estimates for Ovintiv Inc. (NYSE:OVV)

Posted by on Jul 14th, 2023

Ovintiv Inc. (NYSE:OVV – Free Report) – Zacks Research increased their Q3 2023 EPS estimates for shares of Ovintiv in a report released on Tuesday, July 11th. Zacks Research analyst T. Saha now forecasts that the company will post earnings per share of $1.83 for the quarter, up from their previous forecast of $1.79. The consensus estimate for Ovintiv’s current full-year earnings is $7.20 per share. Zacks Research also issued estimates for Ovintiv’s Q4 2023 earnings at $1.84 EPS, FY2023 earnings at $6.52 EPS, Q1 2024 earnings at $1.69 EPS, Q3 2024 earnings at $1.57 EPS, FY2024 earnings at $6.63 EPS and Q1 2025 earnings at $2.84 EPS.

Other analysts have also recently issued research reports about the stock. The Goldman Sachs Group started coverage on shares of Ovintiv in a report on Wednesday. They issued a “neutral” rating on the stock. Royal Bank of Canada decreased their price objective on shares of Ovintiv from $57.00 to $55.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 4th. TD Cowen lowered their target price on shares of Ovintiv from $79.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, April 5th. Mizuho cut their price target on Ovintiv from $66.00 to $62.00 in a research note on Friday, May 19th. Finally, Evercore ISI lowered their price objective on Ovintiv from $42.00 to $39.00 in a research report on Monday. Eight investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $56.84.

Ovintiv Stock Performance

Shares of OVV opened at $39.85 on Thursday. Ovintiv has a 1 year low of $32.07 and a 1 year high of $59.10. The stock has a market capitalization of $11.01 billion, a PE ratio of 2.33, a PEG ratio of 0.37 and a beta of 2.78. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.53 and a current ratio of 0.53. The stock has a 50-day simple moving average of $36.07 and a 200-day simple moving average of $40.50.

Ovintiv (NYSE:OVV – Get Free Report) last released its earnings results on Tuesday, May 9th. The company reported $1.82 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.83 by ($0.01). Ovintiv had a net margin of 33.45% and a return on equity of 23.98%. The company had revenue of $2.55 billion during the quarter, compared to analysts’ expectations of $2.34 billion.

Institutional Trading of Ovintiv

A number of large investors have recently bought and sold shares of the business. Belpointe Asset Management LLC acquired a new stake in Ovintiv during the 4th quarter worth approximately $29,000. Miller Wealth Advisors LLC lifted its holdings in shares of Ovintiv by 48.2% during the fourth quarter. Miller Wealth Advisors LLC now owns 664 shares of the company’s stock worth $32,000 after purchasing an additional 216 shares during the period. ICA Group Wealth Management LLC acquired a new position in Ovintiv in the 4th quarter valued at $41,000. OLD Mission Capital LLC acquired a new position in Ovintiv in the 4th quarter valued at $45,000. Finally, Exos TFP Holdings LLC purchased a new position in Ovintiv during the 4th quarter worth $46,000. Institutional investors and hedge funds own 76.31% of the company’s stock.

Ovintiv Company Profile

(Get Free Report)

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.

Featured Articles

Earnings History and Estimates for Ovintiv (NYSE:OVV)

Receive News & Ratings for Ovintiv Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ovintiv and related companies with MarketBeat.com's FREE daily email newsletter.