Ovintiv Inc. (TSE:OVV) Forecasted to Earn Q2 2024 Earnings of $1.61 Per Share

Ovintiv Inc. (TSE:OVV) – Analysts at Capital One Financial reduced their Q2 2024 earnings per share estimates for Ovintiv in a report released on Wednesday, July 10th. Capital One Financial analyst P. Johnston now anticipates that the company will post earnings of $1.61 per share for the quarter, down from their prior estimate of $1.84. The consensus estimate for Ovintiv’s current full-year earnings is $8.57 per share. Capital One Financial also issued estimates for Ovintiv’s FY2024 earnings at $8.16 EPS, Q1 2025 earnings at $2.29 EPS, Q2 2025 earnings at $2.37 EPS, Q3 2025 earnings at $2.49 EPS, Q4 2025 earnings at $2.57 EPS, FY2025 earnings at $9.71 EPS and FY2026 earnings at $9.61 EPS.

Ovintiv (TSE:OVV) last posted its earnings results on Tuesday, May 7th. The company reported C$1.94 EPS for the quarter, beating analysts’ consensus estimates of C$1.80 by C$0.14. Ovintiv had a return on equity of 21.33% and a net margin of 18.52%. The company had revenue of C$3.17 billion for the quarter, compared to the consensus estimate of C$3.53 billion.

Other equities research analysts also recently issued research reports about the company. National Bankshares lifted their target price on Ovintiv from C$59.00 to C$68.00 and gave the company an “outperform” rating in a research report on Friday, April 19th. Evercore ISI upgraded Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday.

Ovintiv Price Performance

TSE:OVV opened at C$65.74 on Friday. Ovintiv has a 52 week low of C$50.11 and a 52 week high of C$76.63. The company has a quick ratio of 0.51, a current ratio of 0.52 and a debt-to-equity ratio of 69.30. The company has a market capitalization of C$17.55 billion, a P/E ratio of 6.69, a P/E/G ratio of 0.05 and a beta of 2.67. The stock’s fifty day moving average is C$65.98 and its two-hundred day moving average is C$64.85.

Ovintiv Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Friday, June 28th were issued a $0.413 dividend. This represents a $1.65 annualized dividend and a dividend yield of 2.51%. The ex-dividend date was Friday, June 14th. This is an increase from Ovintiv’s previous quarterly dividend of $0.40. Ovintiv’s payout ratio is currently 16.70%.

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.