Brokers Set Expectations for Ovintiv Inc.'s Q3 2024 Earnings (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV - Free Report) - Research analysts at Capital One Financial cut their Q3 2024 earnings per share estimates for Ovintiv in a research note issued on Monday, October 14th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings per share of $1.08 for the quarter, down from their previous estimate 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 - Get Free Report) last posted its quarterly 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.

A number of other equities research analysts have also issued reports on OVV. Morgan Stanley reduced their target price on shares of Ovintiv from $53.00 to $51.00 and set an "equal weight" rating on the stock in a report on Monday, September 16th. 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. Royal Bank of Canada lowered their price target on Ovintiv from $62.00 to $61.00 and set a "sector perform" rating for the company in a report on Thursday, August 1st. Citigroup cut their price objective on shares of Ovintiv from $58.00 to $55.00 and set a "buy" rating on the stock in a report on Monday, October 7th. Finally, Evercore ISI lowered their target price on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating for the company in a report on Monday, September 30th. Five investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Ovintiv has an average rating of "Moderate Buy" and a consensus target price of $57.00.

Ovintiv Trading Up 0.1 %

Shares of OVV traded up $0.04 during mid-day trading on Wednesday, reaching $41.10. The stock had a trading volume of 1,877,048 shares, compared to its average volume of 3,122,626. Ovintiv has a 52-week low of $36.90 and a 52-week high of $55.95. The firm has a market cap of $10.97 billion, a price-to-earnings ratio of 5.74, a P/E/G ratio of 8.02 and a beta of 2.61. The business's fifty day moving average is $41.47 and its 200 day moving average is $46.36. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. American National Bank purchased a new position in Ovintiv in the first quarter valued at approximately $27,000. Innealta Capital LLC acquired a new position in shares of Ovintiv during the 2nd quarter valued at $39,000. Geneos Wealth Management Inc. boosted its position in Ovintiv by 53.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 862 shares of the company's stock worth $45,000 after purchasing an additional 300 shares during the period. UMB Bank n.a. increased its holdings in Ovintiv by 27.7% in 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. Finally, International Assets Investment Management LLC acquired a new stake in Ovintiv in the 2nd quarter valued at $69,000. 83.81% of the stock is currently owned by institutional investors and hedge funds.

Ovintiv Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.92%. Ovintiv's dividend payout ratio (DPR) is presently 16.76%.

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.