Research Analysts Set Expectations for Ovintiv Q3 Earnings

Ovintiv Inc. (NYSE:OVV) – Stock analysts at Zacks Research decreased their Q3 2024 EPS estimates for Ovintiv in a report released on Tuesday, October 22nd. Zacks Research analyst R. Department now expects that the company will post earnings per share of $0.98 for the quarter, down from their previous forecast of $1.12. The consensus estimate for Ovintiv’s current full-year earnings is $4.87 per share. Zacks Research also issued estimates for Ovintiv’s Q4 2024 earnings at $0.90 EPS, FY2024 earnings at $4.54 EPS, Q1 2025 earnings at $0.97 EPS and Q3 2026 earnings at $1.07 EPS.

Ovintiv (NYSE:OVV) last issued its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 EPS for the quarter, beating the consensus estimate of $1.22 by $0.02. The company had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%.

Several other equities analysts have also recently commented on OVV. UBS Group reduced their price objective on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research note on Wednesday, September 18th. Truist Financial reduced their price objective on shares of Ovintiv from $62.00 to $47.00 and set a “buy” rating for the company in a research note on Monday, September 30th. Mizuho reduced their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Evercore ISI reduced their price objective on shares of Ovintiv from $60.00 to $54.00 and set an “outperform” rating for the company in a research note on Monday, September 30th. Finally, JPMorgan Chase & Co. cut their price target on shares of Ovintiv from $60.00 to $51.00 and set an “overweight” rating for the company in a research note on Thursday, September 12th. Five analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $57.00.

Ovintiv Price Performance

Shares of NYSE:OVV opened at $39.64 on Thursday. The company has a 50 day moving average of $41.26 and a 200 day moving average of $45.90. The stock has a market cap of $10.45 billion, a P/E ratio of 5.59, a P/E/G ratio of 7.84 and a beta of 2.61. Ovintiv has a 12 month low of $36.90 and a 12 month high of $55.95. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47.

Institutional Investors Weigh In On Ovintiv

A number of hedge funds have recently made changes to their positions in the business. UMB Bank n.a. lifted its holdings in shares of Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after acquiring an additional 286 shares during the last quarter. Covestor Ltd lifted its holdings in shares of Ovintiv by 23.1% in the 1st quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after acquiring an additional 293 shares during the last quarter. Geneos Wealth Management Inc. raised its holdings in Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after buying an additional 300 shares during the last quarter. Blue Trust Inc. raised its holdings in Ovintiv by 24.0% during the 2nd quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock valued at $93,000 after buying an additional 347 shares during the last quarter. Finally, Cetera Investment Advisers raised its holdings in Ovintiv by 1.0% during the 2nd quarter. Cetera Investment Advisers now owns 37,466 shares of the company’s stock valued at $1,756,000 after buying an additional 353 shares during the last quarter. 83.81% of the stock is currently owned by institutional investors.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.30 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 3.03%. Ovintiv’s payout ratio is 16.93%.

About Ovintiv

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.