Ovintiv (NYSE:OVV) Releases Earnings Results

Ovintiv (NYSE:OVV) announced its quarterly earnings data on Monday. The company reported $2.00 EPS for the quarter, topping analysts’ consensus estimates of $1.85 by $0.15, Zacks reports. Ovintiv had a return on equity of 12.00% and a net margin of 13.94%.

Ovintiv Trading Up 2.1%

Shares of OVV stock traded up $1.24 on Monday, reaching $59.07. The company had a trading volume of 5,237,169 shares, compared to its average volume of 4,690,614. The company has a 50-day moving average of $56.34 and a 200-day moving average of $46.22. Ovintiv has a 12 month low of $34.88 and a 12 month high of $63.46. The stock has a market cap of $16.74 billion, a PE ratio of 12.20, a PEG ratio of 1.94 and a beta of 0.57. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 0.39.

Ovintiv Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th were given a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.0%. The ex-dividend date was Friday, March 13th. Ovintiv’s payout ratio is presently 24.79%.

Insiders Place Their Bets

In other news, Director Howard John Mayson sold 5,000 shares of Ovintiv stock in a transaction on Tuesday, March 3rd. The shares were sold at an average price of $52.39, for a total transaction of $261,950.00. Following the transaction, the director directly owned 45,780 shares of the company’s stock, valued at $2,398,414.20. This trade represents a 9.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Meghan Nicole Eilers sold 11,582 shares of Ovintiv stock in a transaction on Friday, March 13th. The stock was sold at an average price of $54.78, for a total transaction of $634,461.96. Following the transaction, the executive vice president directly owned 54,092 shares in the company, valued at approximately $2,963,159.76. This represents a 17.64% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.85% of the company’s stock.

Hedge Funds Weigh In On Ovintiv

Hedge funds and other institutional investors have recently made changes to their positions in the company. Great Lakes Advisors LLC acquired a new stake in shares of Ovintiv during the first quarter worth $202,000. Steward Partners Investment Advisory LLC increased its stake in Ovintiv by 9.6% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 4,150 shares of the company’s stock valued at $163,000 after buying an additional 362 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Ovintiv by 12.0% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 3,785 shares of the company’s stock valued at $148,000 after buying an additional 407 shares during the last quarter. Employees Retirement System of Texas increased its stake in Ovintiv by 59.2% in the 3rd quarter. Employees Retirement System of Texas now owns 3,393 shares of the company’s stock valued at $137,000 after buying an additional 1,262 shares during the last quarter. Finally, EverSource Wealth Advisors LLC increased its stake in Ovintiv by 103.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 3,298 shares of the company’s stock valued at $126,000 after buying an additional 1,675 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

OVV has been the subject of a number of research reports. Stephens upgraded Ovintiv to a “hold” rating in a research report on Tuesday, February 3rd. The Goldman Sachs Group raised their price objective on Ovintiv from $49.00 to $62.00 and gave the stock a “buy” rating in a research report on Wednesday, March 11th. Jefferies Financial Group reissued a “buy” rating and issued a $54.00 target price on shares of Ovintiv in a research note on Saturday, January 17th. Barclays upped their target price on shares of Ovintiv from $58.00 to $62.00 and gave the company an “overweight” rating in a research note on Monday, March 16th. Finally, Scotiabank upped their target price on shares of Ovintiv from $58.00 to $65.00 and gave the company a “sector outperform” rating in a research note on Thursday, March 19th. Fifteen investment analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, Ovintiv has an average rating of “Moderate Buy” and an average price target of $60.42.

About Ovintiv

Ovintiv Inc is a North American energy company focused on the exploration, development and production of oil, natural gas and natural gas liquids. Formerly known as Encana Corporation, the company rebranded as Ovintiv in January 2020 and established its headquarters in Denver, Colorado. Ovintiv’s upstream portfolio spans multiple unconventional resource plays, reflecting a strategy centered on high-return projects and disciplined capital allocation.

The company’s core business activities include the acquisition and development of acreage in major shale basins across the United States and Canada.