Ovintiv (NYSE:OVV) Issues Earnings Results, Misses Expectations By $0.06 EPS

Ovintiv (NYSE:OVV) released its quarterly earnings data on Tuesday. The company reported $1.03 EPS for the quarter, missing analysts’ consensus estimates of $1.09 by ($0.06), Zacks reports. Ovintiv had a return on equity of 14.24% and a net margin of 6.46%.

Ovintiv Price Performance

Shares of OVV stock traded down $0.22 during trading hours on Tuesday, hitting $37.32. The company’s stock had a trading volume of 3,232,982 shares, compared to its average volume of 3,406,301. The business has a fifty day moving average of $39.91 and a 200-day moving average of $38.95. The stock has a market cap of $9.59 billion, a price-to-earnings ratio of 16.52, a P/E/G ratio of 1.89 and a beta of 0.97. Ovintiv has a twelve month low of $29.80 and a twelve month high of $47.18. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.42.

Institutional Trading of Ovintiv

Large investors have recently modified their holdings of the business. AXA S.A. lifted its stake in shares of Ovintiv by 102.7% during the second quarter. AXA S.A. now owns 86,620 shares of the company’s stock valued at $3,296,000 after buying an additional 43,891 shares during the period. California Public Employees Retirement System lifted its stake in shares of Ovintiv by 4.4% during the second quarter. California Public Employees Retirement System now owns 480,607 shares of the company’s stock valued at $18,287,000 after buying an additional 20,252 shares during the period. Jump Financial LLC lifted its stake in shares of Ovintiv by 260.8% during the second quarter. Jump Financial LLC now owns 28,146 shares of the company’s stock valued at $1,071,000 after buying an additional 20,346 shares during the period. Vident Advisory LLC lifted its stake in shares of Ovintiv by 14.2% during the second quarter. Vident Advisory LLC now owns 25,930 shares of the company’s stock valued at $987,000 after buying an additional 3,231 shares during the period. Finally, Occudo Quantitative Strategies LP purchased a new position in shares of Ovintiv during the second quarter valued at approximately $835,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the stock. Scotiabank boosted their price objective on shares of Ovintiv from $48.00 to $51.00 and gave the stock a “sector outperform” rating in a report on Friday, July 11th. Weiss Ratings reissued a “hold (c-)” rating on shares of Ovintiv in a report on Wednesday, October 8th. Roth Capital assumed coverage on shares of Ovintiv in a report on Monday, October 13th. They set a “neutral” rating and a $42.00 price objective on the stock. Barclays decreased their price objective on shares of Ovintiv from $57.00 to $55.00 and set an “overweight” rating on the stock in a report on Tuesday, October 7th. Finally, Wells Fargo & Company decreased their price objective on shares of Ovintiv from $46.00 to $38.00 and set an “equal weight” rating on the stock in a report on Friday, October 17th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $51.47.

Ovintiv Company Profile

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.