Zacks Research Weighs in on Ovintiv Inc.’s Q2 2024 Earnings (TSE:OVV)

Ovintiv Inc. (TSE:OVV) – Analysts at Zacks Research upped their Q2 2024 EPS estimates for Ovintiv in a report issued on Wednesday, June 26th. Zacks Research analyst R. Department now forecasts that the company will post earnings per share of $1.81 for the quarter, up from their prior estimate of $1.80. The consensus estimate for Ovintiv’s current full-year earnings is $8.57 per share. Zacks Research also issued estimates for Ovintiv’s Q3 2024 earnings at $2.12 EPS, Q4 2024 earnings at $2.22 EPS, FY2024 earnings at $8.11 EPS, Q1 2025 earnings at $2.18 EPS, Q3 2025 earnings at $1.97 EPS, Q4 2025 earnings at $3.45 EPS, FY2025 earnings at $9.33 EPS and FY2026 earnings at $9.36 EPS.

Ovintiv (TSE:OVV) last posted its earnings results on Tuesday, May 7th. The company reported C$1.94 EPS for the quarter, beating analysts’ consensus estimates of C$1.80 by C$0.14. Ovintiv had a net margin of 18.52% and a return on equity of 21.33%. The company had revenue of C$3.17 billion during the quarter, compared to analysts’ expectations of C$3.53 billion.

Separately, National Bankshares raised their price target on shares of Ovintiv from C$59.00 to C$68.00 and gave the stock an “outperform” rating in a report on Friday, April 19th.

Ovintiv Trading Up 0.6 %

TSE:OVV opened at C$64.13 on Friday. The firm has a 50 day moving average of C$67.38 and a 200 day moving average of C$64.38. The stock has a market capitalization of C$17.12 billion, a price-to-earnings ratio of 6.53, a PEG ratio of 0.05 and a beta of 2.67. Ovintiv has a 52 week low of C$48.31 and a 52 week high of C$76.63. The company has a quick ratio of 0.51, a current ratio of 0.52 and a debt-to-equity ratio of 69.30.

Ovintiv Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 28th were issued a dividend of $0.413 per share. This represents a $1.65 annualized dividend and a dividend yield of 2.58%. The ex-dividend date of this dividend was Friday, June 14th. This is a boost from Ovintiv’s previous quarterly dividend of $0.40. Ovintiv’s dividend payout ratio (DPR) is 16.70%.

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.