Research Analysts Offer Predictions for Ovintiv Inc.’s Q3 2024 Earnings (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV) – Equities researchers at Capital One Financial reduced their Q3 2024 EPS estimates for shares of Ovintiv in a research report issued on Tuesday, September 17th. Capital One Financial analyst P. Johnston now expects that the company will post earnings of $1.18 per share for the quarter, down from their previous forecast of $1.58. The consensus estimate for Ovintiv’s current full-year earnings is $5.63 per share. Capital One Financial also issued estimates for Ovintiv’s Q4 2024 earnings at $1.06 EPS, FY2024 earnings at $4.91 EPS, Q1 2025 earnings at $0.97 EPS, Q2 2025 earnings at $1.02 EPS, Q3 2025 earnings at $1.08 EPS, Q4 2025 earnings at $1.13 EPS, FY2025 earnings at $4.21 EPS and FY2026 earnings at $5.15 EPS.

Several other equities analysts have also issued reports on OVV. UBS Group decreased their price target on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday. Bank of America reaffirmed a “neutral” rating and issued a $55.00 price objective on shares of Ovintiv in a research report on Friday, June 14th. Truist Financial boosted their price objective on shares of Ovintiv from $60.00 to $62.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Morgan Stanley cut their price objective on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating on the stock in a research report on Monday, September 16th. Finally, Royal Bank of Canada cut their price objective on shares of Ovintiv from $62.00 to $61.00 and set a “sector perform” rating on the stock in a research report on Thursday, August 1st. Five investment analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $59.83.

Ovintiv Price Performance

Shares of OVV stock opened at $40.50 on Friday. Ovintiv has a 12-month low of $37.81 and a 12-month high of $55.95. The firm has a market capitalization of $10.68 billion, a price-to-earnings ratio of 5.66, a price-to-earnings-growth ratio of 6.50 and a beta of 2.62. 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 firm has a fifty day moving average of $43.00 and a 200-day moving average of $47.60.

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

Institutional Investors Weigh In On Ovintiv

Institutional investors and hedge funds have recently modified their holdings of the company. Westfield Capital Management Co. LP raised its holdings in shares of Ovintiv by 3.2% in the 4th quarter. Westfield Capital Management Co. LP now owns 1,447,248 shares of the company’s stock valued at $63,563,000 after purchasing an additional 44,241 shares during the period. TD Asset Management Inc raised its holdings in shares of Ovintiv by 176.3% in the 4th quarter. TD Asset Management Inc now owns 46,149 shares of the company’s stock valued at $2,027,000 after purchasing an additional 29,449 shares during the period. Wedge Capital Management L L P NC raised its holdings in shares of Ovintiv by 25.0% in the 2nd quarter. Wedge Capital Management L L P NC now owns 535,304 shares of the company’s stock valued at $25,090,000 after purchasing an additional 106,900 shares during the period. FORA Capital LLC bought a new stake in shares of Ovintiv in the 1st quarter valued at about $4,244,000. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Ovintiv in the 1st quarter valued at about $1,149,000. 83.81% of the stock is owned by institutional investors.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 27th. Stockholders of record on Friday, September 13th will be issued a $0.30 dividend. The ex-dividend date of this dividend is Friday, September 13th. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.96%. Ovintiv’s payout ratio is 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.