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Why Ovintiv Inc. (NYSE: OVV) Should Be Included On Your Watchlist

Ovintiv Inc. (NYSE:OVV)’s traded shares stood at 6.8 million during the last session, with the company’s beta value hitting 2.84. At the close of trading, the stock’s price was $34.08, to imply a decrease of -2.91% or -$1.02 in intraday trading. The OVV share’s 52-week high remains $63.30, putting it -85.74% down since that peak but still an impressive 5.34% since price per share fell to its 52-week low of $32.26. The company has a valuation of $8.62B, with an average of 4.79 million shares in intraday trading volume over the past 10 days and average of 3.30 million shares over the past 3 months.

Analysts have given a consensus recommendation of an Overweight for Ovintiv Inc. (OVV), translating to a mean rating of 2.00. Of 26 analyst(s) looking at the stock, 0 analyst(s) give OVV a Sell rating. 3 of those analysts rate the stock as Overweight while 8 advise Hold as 15 recommend it as a Buy. 0 analyst(s) have given it an Underweight rating. Estimates put the company’s current-quarter earnings per share at $1.91.

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Ovintiv Inc. (NYSE:OVV) trade information

After registering a -2.91% downside in the last session, Ovintiv Inc. (OVV) has traded red over the past five days. The stock hit a weekly high of 39.34 this Friday, 03/17/23, dropping -2.91% in its intraday price action. The 5-day price performance for the stock is -13.02%, and -28.19% over 30 days. With these gigs, the year-to-date price performance is -32.79%. Short interest in Ovintiv Inc. (NYSE:OVV) saw shorts transact 7.9 million shares and set a 2.64 days time to cover.

Analysts on Wall Street suggest a consensus price target of $60.92, implying an increase of 44.06% to the stock’s current value. The extremes give us $50.00 and $79.00 for target low and target high price respectively. As such, OVV has been trading -131.81% off suggested target high and -46.71% from its likely low.

Ovintiv Inc. (OVV) estimates and forecasts

Looking at statistics comparing Ovintiv Inc. share performance against respective industry, we note that the company has outperformed competitors. Ovintiv Inc. (OVV) shares are -33.59% down over the last 6 months, with its year-to-date growth rate higher than industry average at 39.42% against -19.00%. Revenue is forecast to grow 52.80% this quarter before jumping 36.90% for the next one. The rating firms project that company’s revenue will grow 39.10% compared to the previous financial year.

Revenue forecast for the current quarter as set by 10 analysts is $2.6 billion. Meanwhile, for the quarter ending Mar 2023, a total of 8 analyst(s) estimate revenue growth to $2.94 billion.Earnings reports from the last fiscal year show that sales brought in $3.34 billion and $3.42 billion respectively in the corresponding quarters. In this case, analysts estimate current quarter sales to fall -22.10% before dropping -14.10% in the following quarter.

An assessment of the company’s 5-year growth patterns shows that annual earnings grew an estimated 18.90% for the past 5-year period. While 2023 is set for a 164.80% return in earnings, projections for the next 5 years are at 38.19% annually.

OVV Dividends

Ovintiv Inc. has its next earnings report out between May 08 and May 12. However, it is important to take into account that this dividend yield ratio is just an indicator to only serve the purpose of guidance. Investors interested to invest in the stock should ponder company’s other fundamental and operations related aspects too. Ovintiv Inc. has a forward dividend ratio of 1.00, with the share yield ticking at 2.93% to continue the rising pattern observed over the past year. The company’s average dividend yield trailing the past 5-year period is 0.00%.

Ovintiv Inc. (NYSE:OVV)’s Major holders

Ovintiv Inc. insiders hold 0.43% of total outstanding shares, with institutional holders owning 80.48% of the shares at 80.83% float percentage. In total, 80.48% institutions holds shares in the company, led by Vanguard Group, Inc. (The). As of Sep 29, 2022, the company held over 24.59 million shares (or 10.01% of shares), all amounting to roughly $1.13 billion.

The next major institution holding the largest number of shares is Dodge & Cox Inc with 22.14 million shares, or about 9.01% of shares outstanding. As of the market price on Sep 29, 2022, these shares were worth $1.02 billion.

We also have Dodge & Cox International Stock Fund and Vanguard Total Stock Market Index Fund as the top two Mutual Funds with the largest holdings of the Ovintiv Inc. (OVV) shares. Going by data provided on Dec 30, 2022, Dodge & Cox International Stock Fund holds roughly 11.5 million shares. This is just over 4.68% of the total shares, with a market valuation of $583.16 million. Data from the same date shows that the other fund manager holds a little less at 7.6 million, or 3.09% of the shares, all valued at about 349.74 million.

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