Zacks Research Issues Negative Estimate for Ovintiv Earnings

Ovintiv Inc. (NYSE:OVV) – Stock analysts at Zacks Research reduced their Q3 2024 earnings per share (EPS) estimates for Ovintiv in a research report issued on Tuesday, October 22nd. Zacks Research analyst R. Department now forecasts that the company will earn $0.98 per share 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 released its quarterly earnings data on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.02. The business had revenue of $2.29 billion for the quarter, compared to analyst estimates of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%.

Several other research analysts also recently issued reports on OVV. Scotiabank upped their price target on shares of Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a report on Friday, July 12th. Wolfe Research started coverage on Ovintiv in a research report on Thursday, July 18th. They issued an “outperform” rating and a $65.00 target price for the company. JPMorgan Chase & Co. cut their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Mizuho lowered their price objective on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. Finally, Wells Fargo & Company dropped their price objective on shares of Ovintiv from $51.00 to $42.00 and set an “equal weight” rating for the company in a report on Tuesday, October 1st. Five equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $57.00.

Ovintiv Trading Up 1.5 %

Shares of Ovintiv stock opened at $40.39 on Thursday. The firm’s 50 day moving average is $41.18 and its 200 day moving average is $45.85. The firm has a market capitalization of $10.78 billion, a PE ratio of 5.64, a price-to-earnings-growth ratio of 7.76 and a beta of 2.61. Ovintiv has a 1 year low of $36.90 and a 1 year 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.

Ovintiv Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 13th were paid a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.97%. The ex-dividend date was Friday, September 13th. Ovintiv’s dividend payout ratio (DPR) is presently 16.76%.

Institutional Trading of Ovintiv

Several large investors have recently modified their holdings of the stock. Innealta Capital LLC acquired a new position in shares of Ovintiv during the 2nd quarter valued at $39,000. Geneos Wealth Management Inc. grew its position in Ovintiv by 53.4% in the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock valued at $45,000 after purchasing an additional 300 shares during the period. UMB Bank n.a. increased its stake in Ovintiv by 27.7% during the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after purchasing an additional 286 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Ovintiv during the 2nd quarter valued at $69,000. Finally, Atlas Capital Advisors LLC acquired a new position in Ovintiv during the first quarter worth $74,000. Institutional investors and hedge funds own 83.81% of the company’s stock.

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.