Ovintiv (NYSE:OVV) Releases Quarterly Earnings Results, Misses Estimates By $0.20 EPS

Ovintiv (NYSE:OVV) issued its quarterly earnings data on Thursday. The company reported $1.74 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.94 by ($0.20), FiscalAI reports. The business had revenue of $3.01 billion for the quarter, compared to the consensus estimate of $2.37 billion. Ovintiv had a net margin of 8.51% and a return on equity of 13.14%.

Ovintiv Price Performance

NYSE:OVV opened at $61.41 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.56 and a debt-to-equity ratio of 0.48. The business’s 50-day simple moving average is $56.31 and its two-hundred day simple moving average is $53.03. The stock has a market cap of $17.26 billion, a PE ratio of 19.81 and a beta of 0.53. Ovintiv has a 52 week low of $35.47 and a 52 week high of $63.46.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 29th. Shareholders of record on Tuesday, September 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Tuesday, September 15th. This represents a $1.20 dividend on an annualized basis and a yield of 2.0%. Ovintiv’s dividend payout ratio (DPR) is currently 38.71%.

Analyst Upgrades and Downgrades

OVV has been the topic of a number of recent research reports. Royal Bank Of Canada set a $70.00 target price on Ovintiv and gave the stock an “outperform” rating in a report on Monday, June 22nd. Wells Fargo & Company raised Ovintiv from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $57.00 to $80.00 in a report on Monday, June 22nd. Barclays raised their price objective on Ovintiv from $68.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 26th. UBS Group lowered their price objective on Ovintiv from $76.00 to $75.00 and set a “buy” rating on the stock in a research report on Thursday, April 9th. Finally, Mizuho boosted their price objective on Ovintiv from $69.00 to $75.00 and gave the company an “outperform” rating in a research note on Wednesday, May 27th. One investment analyst has rated the stock with a Strong Buy rating, sixteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.63.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds have recently made changes to their positions in OVV. AQR Capital Management LLC raised its stake in Ovintiv by 263.8% during the 3rd quarter. AQR Capital Management LLC now owns 4,949,637 shares of the company’s stock valued at $199,866,000 after purchasing an additional 3,589,030 shares during the period. Dimensional Fund Advisors LP boosted its stake in Ovintiv by 17.8% in the 4th quarter. Dimensional Fund Advisors LP now owns 11,059,334 shares of the company’s stock worth $433,418,000 after purchasing an additional 1,669,469 shares during the period. Goldentree Asset Management LP purchased a new stake in Ovintiv during the 4th quarter valued at approximately $61,528,000. Freestone Grove Partners LP grew its holdings in Ovintiv by 79.9% during the 4th quarter. Freestone Grove Partners LP now owns 3,074,925 shares of the company’s stock valued at $120,506,000 after buying an additional 1,365,535 shares in the last quarter. Finally, Qube Research & Technologies Ltd purchased a new stake in Ovintiv during the 2nd quarter valued at approximately $41,701,000. Institutional investors own 83.81% of the company’s stock.

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.