Ovintiv Inc. Forecasted to Post Q3 2024 Earnings of $3.22 Per Share (TSE:OVV)

Ovintiv Inc. (TSE:OVVGet Rating) – Seaport Res Ptn lifted their Q3 2024 earnings per share (EPS) estimates for shares of Ovintiv in a report issued on Thursday, May 18th. Seaport Res Ptn analyst N. Pope now expects that the company will post earnings per share of $3.22 for the quarter, up from their previous estimate of $3.18. The consensus estimate for Ovintiv’s current full-year earnings is $10.98 per share. Seaport Res Ptn also issued estimates for Ovintiv’s Q4 2024 earnings at $3.57 EPS and FY2024 earnings at $13.07 EPS.

Ovintiv (TSE:OVVGet Rating) last issued its earnings results on Monday, February 27th. The company reported C$1.23 EPS for the quarter, missing the consensus estimate of C$2.48 by C($1.25). The business had revenue of C$4.36 billion during the quarter, compared to analyst estimates of C$3.10 billion.

Separately, Royal Bank of Canada dropped their price target on Ovintiv from C$57.00 to C$55.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 4th.

Ovintiv Stock Performance

OVV stock opened at C$46.63 on Monday. The company has a market cap of C$11.40 billion, a P/E ratio of 2.01, a price-to-earnings-growth ratio of 0.05 and a beta of 3.58. Ovintiv has a 1 year low of C$43.23 and a 1 year high of C$79.28. The company has a debt-to-equity ratio of 58.43, a current ratio of 0.61 and a quick ratio of 0.51. The stock’s fifty day moving average price is C$48.53 and its 200-day moving average price is C$60.42.

Ovintiv Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be paid a $0.406 dividend. This is an increase from Ovintiv’s previous quarterly dividend of $0.33. This represents a $1.62 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date of this dividend is Wednesday, June 14th. Ovintiv’s dividend payout ratio (DPR) is 6.98%.

Ovintiv Company Profile

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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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Earnings History and Estimates for Ovintiv (TSE:OVV)

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