Brokers Issue Forecasts for Ovintiv Inc.’s Q3 2024 Earnings (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV) – Capital One Financial reduced their Q3 2024 earnings estimates for shares of Ovintiv in a research note issued on Monday, October 14th. Capital One Financial analyst P. Johnston now anticipates that the company will earn $1.08 per share for the quarter, down from their prior forecast of $1.18. The consensus estimate for Ovintiv’s current full-year earnings is $4.90 per share. Capital One Financial also issued estimates for Ovintiv’s FY2024 earnings at $4.82 EPS.

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

Several other brokerages have also weighed in on OVV. JPMorgan Chase & Co. dropped their target price on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research report on Thursday, September 12th. Mizuho decreased their target price on Ovintiv from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, October 9th. UBS Group decreased their price target on Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a research report on Wednesday, September 18th. Citigroup reduced their price objective on Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 7th. Finally, Scotiabank increased their price objective on Ovintiv from $58.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Friday, July 12th. Five equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $57.00.

Ovintiv Stock Up 0.1 %

NYSE OVV opened at $41.10 on Wednesday. The stock has a market cap of $10.97 billion, a PE ratio of 5.74, a P/E/G ratio of 8.02 and a beta of 2.61. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.47. The business has a 50 day moving average price of $41.47 and a two-hundred day moving average price of $46.36. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95.

Hedge Funds Weigh In On Ovintiv

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in shares of Ovintiv by 3.8% in the first quarter. Vanguard Group Inc. now owns 28,055,344 shares of the company’s stock worth $1,456,072,000 after acquiring an additional 1,024,931 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Ovintiv by 3.8% during the second quarter. Dimensional Fund Advisors LP now owns 3,844,632 shares of the company’s stock worth $180,194,000 after buying an additional 142,296 shares in the last quarter. AQR Capital Management LLC grew its holdings in shares of Ovintiv by 114.9% during the second quarter. AQR Capital Management LLC now owns 3,027,292 shares of the company’s stock worth $141,889,000 after buying an additional 1,618,556 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Ovintiv by 1.7% during the first quarter. Principal Financial Group Inc. now owns 1,005,797 shares of the company’s stock worth $52,201,000 after buying an additional 17,206 shares in the last quarter. Finally, Hsbc Holdings PLC grew its holdings in shares of Ovintiv by 6.2% during the second quarter. Hsbc Holdings PLC now owns 976,001 shares of the company’s stock worth $45,778,000 after buying an additional 57,182 shares in the last quarter. Institutional investors and hedge funds own 83.81% of the company’s stock.

Ovintiv Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis and a yield of 2.92%. The ex-dividend date of this dividend was Friday, September 13th. Ovintiv’s dividend payout ratio is currently 16.76%.

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.