Ovintiv (NYSE:OVV) Hits New 12-Month High After Earnings Beat

Ovintiv Inc. (NYSE:OVV)’s stock price hit a new 52-week high on Tuesday following a better than expected earnings announcement. The company traded as high as $51.60 and last traded at $50.4340, with a volume of 1475475 shares traded. The stock had previously closed at $50.83.

The company reported $1.39 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.41. Ovintiv had a return on equity of 12.22% and a net margin of 2.64%.The company had revenue of $1.89 billion during the quarter, compared to analyst estimates of $1.89 billion. During the same period last year, the company posted ($0.23) earnings per share.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Friday, March 13th will be paid a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Friday, March 13th. Ovintiv’s dividend payout ratio is 131.87%.

Analyst Ratings Changes

Several brokerages have weighed in on OVV. Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a report on Monday, December 29th. Roth Mkm reiterated a “neutral” rating and issued a $50.00 price objective on shares of Ovintiv in a research report on Tuesday. William Blair assumed coverage on Ovintiv in a report on Wednesday, November 26th. They issued an “outperform” rating and a $50.00 price target on the stock. UBS Group lifted their price target on shares of Ovintiv from $55.00 to $58.00 and gave the company a “buy” rating in a research note on Wednesday, February 18th. Finally, Scotiabank raised Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, February 11th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Ovintiv currently has an average rating of “Moderate Buy” and a consensus target price of $51.67.

Insider Transactions at Ovintiv

In related news, COO Gregory Dean Givens sold 50,000 shares of the business’s stock in a transaction dated Friday, December 12th. The shares were sold at an average price of $40.33, for a total transaction of $2,016,500.00. Following the sale, the chief operating officer owned 105,867 shares of the company’s stock, valued at $4,269,616.11. The trade was a 32.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.89% of the stock is currently owned by company insiders.

Institutional Trading of Ovintiv

A number of hedge funds have recently made changes to their positions in the stock. Integrated Wealth Concepts LLC boosted its stake in Ovintiv by 70.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 9,127 shares of the company’s stock valued at $391,000 after purchasing an additional 3,788 shares during the last quarter. Great Lakes Advisors LLC purchased a new stake in Ovintiv in the first quarter worth about $202,000. Focus Partners Wealth increased its holdings in Ovintiv by 49.3% in the 1st quarter. Focus Partners Wealth now owns 19,282 shares of the company’s stock worth $825,000 after acquiring an additional 6,364 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Ovintiv by 47.5% in the first quarter. Geneos Wealth Management Inc. now owns 1,830 shares of the company’s stock worth $78,000 after purchasing an additional 589 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale increased its stake in Ovintiv by 2.3% in the 2nd quarter. DekaBank Deutsche Girozentrale now owns 31,213 shares of the company’s stock worth $1,201,000 after buying an additional 695 shares in the last quarter. 83.81% of the stock is owned by institutional investors.

Ovintiv Price Performance

The company has a debt-to-equity ratio of 0.43, a current ratio of 0.45 and a quick ratio of 0.45. The firm has a 50-day moving average of $41.90 and a 200-day moving average of $40.56. The stock has a market cap of $12.81 billion, a PE ratio of 55.45, a PEG ratio of 2.84 and a beta of 0.78.

Ovintiv Company Profile

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.