Research Analysts Set Expectations for Ovintiv Q3 Earnings

Ovintiv Inc. (NYSE:OVV) – Analysts at Zacks Research cut their Q3 2024 earnings estimates for shares of Ovintiv in a research report issued on Tuesday, October 22nd. Zacks Research analyst R. Department now expects that the company will post earnings of $0.98 per share for the quarter, down from their prior 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.

A number of other research firms have also commented on OVV. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a research note on Tuesday, October 15th. Citigroup reduced their price objective on shares of Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. Mizuho reduced their price objective on shares of Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Morgan Stanley reduced their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research note on Monday, September 16th. Finally, Scotiabank increased their target price on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 12th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.00.

Ovintiv Trading Down 1.9 %

OVV opened at $39.64 on Thursday. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44. The firm has a market capitalization of $10.45 billion, a price-to-earnings ratio of 5.59, a PEG ratio of 7.84 and a beta of 2.61. The company’s 50 day moving average price is $41.26 and its two-hundred day moving average price is $45.90.

Ovintiv (NYSE:OVV) last posted its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.22 by $0.02. Ovintiv had a net margin of 18.56% and a return on equity of 18.28%. The firm had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion.

Institutional Trading of Ovintiv

Several hedge funds have recently added to or reduced their stakes in the stock. UMB Bank n.a. raised its position in Ovintiv by 27.7% in the third 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 period. Covestor Ltd increased its stake in shares of Ovintiv by 23.1% in the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after purchasing an additional 293 shares in the last quarter. Geneos Wealth Management Inc. increased its stake in shares of Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares in the last quarter. Blue Trust Inc. increased its stake in shares of Ovintiv by 24.0% in the second quarter. Blue Trust Inc. now owns 1,793 shares of the company’s stock worth $93,000 after purchasing an additional 347 shares in the last quarter. Finally, Cetera Investment Advisers increased its stake in shares of Ovintiv by 1.0% in the second quarter. Cetera Investment Advisers now owns 37,466 shares of the company’s stock worth $1,756,000 after purchasing an additional 353 shares in the last quarter. Institutional investors own 83.81% of the company’s stock.

Ovintiv Announces Dividend

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

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.