Ovintiv (NYSE:OVV) Releases Earnings Results, Beats Expectations By $0.12 EPS

Ovintiv (NYSE:OVV) issued its quarterly earnings data on Wednesday. The company reported $1.35 earnings per share for the quarter, beating the consensus estimate of $1.23 by $0.12, Zacks reports. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%.

Ovintiv Price Performance

Ovintiv stock traded down $0.46 during mid-day trading on Wednesday, hitting $41.84. The company’s stock had a trading volume of 3,729,685 shares, compared to its average volume of 2,513,394. The stock has a market capitalization of $10.89 billion, a P/E ratio of 5.55 and a beta of 2.60. Ovintiv has a twelve month low of $36.90 and a twelve month high of $55.95. The stock’s fifty day moving average price is $42.73 and its two-hundred day moving average price is $42.13. The company has a quick ratio of 0.52, a current ratio of 0.52 and a debt-to-equity ratio of 0.46.

Wall Street Analysts Forecast Growth

OVV has been the topic of several analyst reports. Scotiabank raised their price target on shares of Ovintiv from $50.00 to $53.00 and gave the company a “sector outperform” rating in a research note on Monday, November 18th. National Bankshares raised their target price on Ovintiv from $51.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, January 30th. Bank of America upgraded Ovintiv from a “neutral” rating to a “buy” rating and reduced their price target for the stock from $55.00 to $54.00 in a research report on Monday, January 13th. Mizuho decreased their price target on Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a research note on Monday, December 16th. Finally, UBS Group cut their price objective on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $56.88.

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.