Ovintiv Inc (NYSE:OVV) shares, rose in value, with the stock price up by 1.45% to the previous day’s close as strong demand from buyers drove the stock to $55.27.
Actively observing the price movement in the last trading, the stock closed the session at $54.48. The value of beta (5-year monthly) was 2.67 whereas the PE ratio was 7.01 over 12-month period. Referring to stock’s 52-week performance, its high was $54.62, and the low was $32.07. On the whole, OVV has fluctuated by 11.68% over the past month.
With the market capitalization of Ovintiv Inc currently standing at about $14.86 billion, investors are eagerly awaiting this quarter’s results, scheduled for May 07, 2024 – May 13, 2024. The company’s Forward Dividend Ratio is 1.20, with its dividend yield at 2.17%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be $1.39, which is expected to increase to $2.14 for fiscal year $6.05 and then to about $7.16 by fiscal year 2025. Data indicates that the EPS growth is expected to be -11.80% in 2025, while the next year’s EPS growth is forecast to be 18.30%.
Analysts have estimated the company’s revenue for the quarter at $2.47 billion, with a low estimate of $1.94 billion and a high estimate of $2.82 billion. According to the average forecast, sales growth in current quarter could jump down -3.10%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2025, the company’s y-o-y revenues would reach $9.92 billion, representing a decrease of -8.80% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 3 upward and no downward review(s) in last seven days. We see that OVV’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.
The stock’s technical analysis shows that the PEG ratio is about 0.54, with the price of OVV currently trading nearly 7.51% and 16.99% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 79.22, while the 7-day volatility ratio is showing 1.84% which for the 30-day chart, stands at 1.71%. Furthermore, Ovintiv Inc (OVV)’s beta value is 2.68, and its average true range (ATR) is 0.97.
A comparison of Ovintiv Inc (OVV) with its peers suggests the former has fared considerably weaker in the market. OVV showed an intraday change of 1.45% in last session, and over the past year, it grew by 41.21%%.
Data on historical trading for Ovintiv Inc (NYSE:OVV) indicates that the trading volumes over the past 10 days have averaged 3.19 million and over the past 3 months, they’ve averaged 3.21 million. According to company’s latest data on outstanding shares, there are 271.70 million shares outstanding.
Nearly 5.96% of Ovintiv Inc’s shares belong to company insiders and institutional investors own 79.46% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 4.74 million shares as on Mar 15, 2024, resulting in a short ratio of 1.17. According to the data, the short interest in Ovintiv Inc (OVV) stood at 1.76% of shares outstanding as of Mar 15, 2024; the number of short shares registered in Feb 15, 2024 reached 5.21 million. The stock has risen by 25.84% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the OVV stock heading into the next quarter.
