Zacks Research Has Negative Forecast for Ovintiv Q3 Earnings

Ovintiv Inc. (TSE:OVV) – Zacks Research decreased their Q3 2024 earnings per share estimates for Ovintiv in a report released on Tuesday, October 22nd. Zacks Research analyst R. Department now anticipates that the company will post earnings per share of $1.36 for the quarter, down from their prior estimate of $1.52. The consensus estimate for Ovintiv’s current full-year earnings is $5.66 per share. Zacks Research also issued estimates for Ovintiv’s Q4 2024 earnings at $1.24 EPS, FY2024 earnings at $6.28 EPS and Q3 2026 earnings at $1.48 EPS.

A number of other equities analysts have also commented on the stock. Siebert Williams Shank upgraded shares of Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Wolfe Research upgraded Ovintiv to a “strong-buy” rating in a research note on Thursday, July 18th. Finally, Evercore ISI upgraded Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, July 10th. One analyst has rated the stock with a hold rating, one has issued a buy rating and three have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of C$58.50.

Ovintiv Price Performance

Shares of OVV stock opened at C$56.12 on Friday. The firm has a fifty day simple moving average of C$56.23 and a 200-day simple moving average of C$62.83. The company has a market capitalization of C$14.79 billion, a PE ratio of 5.73, a price-to-earnings-growth ratio of 0.05 and a beta of 2.63. Ovintiv has a twelve month low of C$49.74 and a twelve month high of C$76.63. The company has a current ratio of 0.44, a quick ratio of 0.51 and a debt-to-equity ratio of 67.70.

Ovintiv (TSE:OVV) last issued its quarterly earnings data on Tuesday, July 30th. The company reported C$1.69 earnings per share (EPS) for the quarter, beating the consensus estimate of C$1.67 by C$0.02. The company had revenue of C$3.13 billion during the quarter, compared to the consensus estimate of C$3.46 billion. Ovintiv had a net margin of 18.84% and a return on equity of 19.75%.

Ovintiv Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 27th were paid a $0.41 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.64 dividend on an annualized basis and a dividend yield of 2.92%. Ovintiv’s dividend payout ratio (DPR) is presently 16.58%.

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.