Zacks: Analysts Expect Ovintiv Inc. (NYSE:OVV) Will Announce Quarterly Sales of $2.29 Billion

Brokerages expect Ovintiv Inc. (NYSE:OVVGet Rating) to report $2.29 billion in sales for the current quarter, according to Zacks. Three analysts have made estimates for Ovintiv’s earnings, with the lowest sales estimate coming in at $1.91 billion and the highest estimate coming in at $2.73 billion. Ovintiv reported sales of $1.84 billion during the same quarter last year, which would suggest a positive year over year growth rate of 24.5%. The business is scheduled to issue its next quarterly earnings report after the market closes on Monday, January 1st.

On average, analysts expect that Ovintiv will report full year sales of $9.65 billion for the current fiscal year, with estimates ranging from $8.12 billion to $11.48 billion. For the next financial year, analysts anticipate that the business will post sales of $10.07 billion, with estimates ranging from $8.71 billion to $11.96 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that follow Ovintiv.

Several research firms recently issued reports on OVV. National Bankshares reduced their price target on shares of Ovintiv from $90.00 to $60.00 in a research report on Thursday, April 14th. Royal Bank of Canada boosted their price objective on shares of Ovintiv from $50.00 to $53.00 and gave the company an “outperform” rating in a research note on Monday, March 14th. Scotiabank upgraded shares of Ovintiv from a “sector perform” rating to a “sector outperform” rating and upped their price objective for the stock from $44.00 to $46.00 in a report on Thursday, January 13th. Barclays raised their price target on shares of Ovintiv from $45.00 to $56.00 in a report on Friday, March 18th. Finally, Morgan Stanley lowered their target price on shares of Ovintiv from $52.00 to $49.00 and set an “overweight” rating on the stock in a report on Tuesday, January 25th. Four investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $52.55.

In other Ovintiv news, Director Thomas G. Ricks sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, April 18th. The stock was sold at an average price of $53.73, for a total transaction of $537,300.00. Following the completion of the sale, the director now owns 145,500 shares of the company’s stock, valued at $7,817,715. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Howard John Mayson sold 2,200 shares of the company’s stock in a transaction that occurred on Friday, March 18th. The stock was sold at an average price of $48.09, for a total value of $105,798.00. The disclosure for this sale can be found here. 0.76% of the stock is owned by corporate insiders.

Institutional investors have recently made changes to their positions in the business. Leavell Investment Management Inc. bought a new stake in shares of Ovintiv in the first quarter valued at approximately $396,000. Artemis Investment Management LLP bought a new stake in shares of Ovintiv in the first quarter valued at approximately $87,653,000. CWM LLC boosted its position in shares of Ovintiv by 211.8% in the first quarter. CWM LLC now owns 1,216 shares of the company’s stock valued at $66,000 after acquiring an additional 826 shares during the period. Private Capital Group LLC boosted its position in shares of Ovintiv by 10.2% in the first quarter. Private Capital Group LLC now owns 2,907 shares of the company’s stock valued at $157,000 after acquiring an additional 270 shares during the period. Finally, Scout Investments Inc. bought a new stake in shares of Ovintiv in the first quarter valued at approximately $110,474,000. 75.16% of the stock is owned by hedge funds and other institutional investors.

Shares of OVV stock opened at $53.58 on Friday. The firm has a fifty day moving average of $48.44 and a 200-day moving average of $40.86. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.94. Ovintiv has a 12-month low of $21.68 and a 12-month high of $57.21. The firm has a market capitalization of $13.76 billion, a price-to-earnings ratio of -23.60 and a beta of 3.36.

The company also recently declared a quarterly dividend, which was paid on Thursday, March 31st. Investors of record on Tuesday, March 15th were paid a $0.20 dividend. This is a boost from Ovintiv’s previous quarterly dividend of $0.14. The ex-dividend date of this dividend was Monday, March 14th. This represents a $0.80 annualized dividend and a dividend yield of 1.49%. Ovintiv’s payout ratio is presently -35.24%.

About Ovintiv (Get Rating)

Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.

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