Ovintiv Inc. (NYSE: OVV) stock fell -5.10% on Thursday to $34.40 against a previous-day closing price of $36.25. With 2.23 million shares changed hands, the volume of the stock remained lighter than its average volume of 3.55 million shares. The 52-week range on OVV shows that it touched its highest point at $63.30 and its lowest point at $32.07 during that stretch. It currently has a 1-year price target of $53.95. With its current market cap of 8.25 billion, OVV has annualized dividend of $1.20 while the current yield stands at 3.49%. Beta for the stock currently stands at 2.81.
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Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of OVV was up-trending over the past week, with a rise of 1.62%, but this was down by -0.49% over a month. Three-month performance dropped to -24.50% while six-month performance fell -38.37%. The stock lost -29.68% in the past year, while it has lost -32.16% so far this year. A look at the trailing 12-month EPS for OVV yields 17.09 with Next year EPS estimates of 8.69. For the next quarter, that number is 1.46. This implies an EPS growth rate of 164.80% for this year and 2.70% for next year. EPS is expected to grow by 13.10% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 18.90%.
Float and Shares Shorts:
At present, 244.30 million OVV shares are outstanding with a float of 241.69 million shares on hand for trading. On Apr 27, 2023, short shares totaled 7.61 million, which was 3.11% higher than short shares on Mar 30, 2023. In addition to Mr. Brendan Michael McCracken as the firm’s Pres, CEO & Director, Mr. Corey Douglas Code serves as its Exec. VP & CFO.
Through their ownership of 85.20% of OVV’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 51.12% of OVV, in contrast to 26.76% held by mutual funds. Shares owned by individuals account for 0.76%. As the largest shareholder in OVV with 11.09% of the stake, Dodge & Cox holds 27,016,020 shares worth 27,016,020. A second-largest stockholder of OVV, The Vanguard Group, Inc., holds 24,822,466 shares, controlling over 10.19% of the firm’s shares. Fidelity Management & Research Co is the third largest shareholder in OVV, holding 18,417,619 shares or 7.56% stake. With a 6.03% stake in OVV, the Dodge & Cox International Stock F is the largest stakeholder. A total of 14,702,524 shares are owned by the mutual fund manager. The Vanguard Total Stock Market ETF, which owns about 3.17% of OVV stock, is the second-largest Mutual Fund holder. It holds 7,721,585 shares valued at 278.59 million. Vanguard Small Cap Index Fund holds 2.67% of the stake in OVV, owning 6,495,279 shares worth 234.35 million.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, OVV reported revenue of $3.74B and operating income of $1.52B. The EBITDA in the recently reported quarter was $1.79B and diluted EPS was $5.21.
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for OVV since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With OVV analysts setting a high price target of $65.00 and a low target of $36.00, the average target price over the next 12 months is $52.86. Based on these targets, OVV could surge 88.95% to reach the target high and rise by 4.65% to reach the target low. Reaching the average price target will result in a growth of 53.66% from current levels.
EPS: Estimates vs Actual
It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.
Summary of Insider Activity:
Insiders traded OVV stock several times over the past three months with 0 Buys and 0 Sells. In these transactions, 0 shares were bought while 0 shares were sold. The number of buy transactions has increased to 4 while that of sell transactions has risen to 8 over the past year. The total number of shares bought during that period was 33,303 while 57,321 shares were sold.