Zacks Research Has Bearish Forecast for Ovintiv Q3 Earnings

Ovintiv Inc. (NYSE:OVV - Free Report) - Equities research analysts at Zacks Research lowered their Q3 2024 earnings per share estimates for Ovintiv in a research note issued to investors on Tuesday, October 22nd. Zacks Research analyst R. Department now forecasts that the company will post earnings of $0.98 per share for the quarter, down from their previous estimate 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.

A number of other equities research analysts have also recently commented on the company. Citigroup cut their target price on Ovintiv from $58.00 to $55.00 and set a "buy" rating on the stock in a research note on Monday, October 7th. Morgan Stanley reduced their price objective on shares of Ovintiv from $53.00 to $51.00 and set an "equal weight" rating for the company in a research note on Monday, September 16th. Evercore ISI dropped their target price on shares of Ovintiv from $60.00 to $54.00 and set an "outperform" rating on the stock in a research note on Monday, September 30th. Scotiabank increased their price target on shares of Ovintiv from $58.00 to $60.00 and gave the company a "sector outperform" rating in a report on Friday, July 12th. Finally, Wolfe Research started coverage on shares of Ovintiv in a report on Thursday, July 18th. They issued an "outperform" rating and a $65.00 price objective for the company. Five 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 stock. According to MarketBeat, Ovintiv currently has an average rating of "Moderate Buy" and an average price target of $57.00.

Ovintiv Stock Up 0.4 %

NYSE:OVV traded up $0.17 during mid-day trading on Thursday, hitting $39.81. 1,318,565 shares of the company's stock were exchanged, compared to its average volume of 3,484,583. The business has a fifty day moving average price of $41.26 and a 200 day moving average price of $45.90. Ovintiv has a one year low of $36.90 and a one year high of $55.95. The company has a market cap of $10.49 billion, a PE ratio of 5.61, a P/E/G ratio of 7.76 and a beta of 2.61. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.44 and a quick ratio of 0.44.

Ovintiv (NYSE:OVV - Get Free Report) last announced its earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.22 by $0.02. The firm had revenue of $2.29 billion during 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%.

Hedge Funds Weigh In On Ovintiv

Several institutional investors have recently added to or reduced their stakes in the company. Semanteon Capital Management LP bought a new position in shares of Ovintiv during the 3rd quarter valued at approximately $1,140,000. State of Alaska Department of Revenue raised its stake in Ovintiv by 11.9% during the third quarter. State of Alaska Department of Revenue now owns 30,670 shares of the company's stock valued at $1,174,000 after purchasing an additional 3,260 shares in the last quarter. Frank Rimerman Advisors LLC lifted its position in Ovintiv by 1.9% during the third quarter. Frank Rimerman Advisors LLC now owns 22,117 shares of the company's stock valued at $847,000 after purchasing an additional 404 shares during the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Ovintiv by 26.6% in the 3rd quarter. Wealth Enhancement Advisory Services LLC now owns 13,256 shares of the company's stock worth $508,000 after buying an additional 2,786 shares in the last quarter. Finally, Louisiana State Employees Retirement System increased its holdings in shares of Ovintiv by 4.0% in the 3rd quarter. Louisiana State Employees Retirement System now owns 73,200 shares of the company's stock worth $2,804,000 after buying an additional 2,800 shares during the last quarter. Hedge funds and other institutional investors own 83.81% of the company's stock.

Ovintiv Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Stockholders of record on Friday, September 13th were issued a $0.30 dividend. The ex-dividend date was Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 3.01%. Ovintiv's dividend payout ratio (DPR) is 16.93%.

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.