Q3 2023 EPS Estimates for Ovintiv Inc. (NYSE:OVV) Boosted by Zacks Research

Ovintiv Inc. (NYSE:OVV) – Analysts at Zacks Research raised their Q3 2023 earnings per share estimates for Ovintiv in a research report issued on Friday, September 15th. Zacks Research analyst T. Saha now expects that the company will earn $1.28 per share for the quarter, up from their prior forecast of $1.25. The consensus estimate for Ovintiv’s current full-year earnings is $6.09 per share. Zacks Research also issued estimates for Ovintiv’s Q4 2023 earnings at $1.53 EPS, FY2023 earnings at $5.56 EPS, Q1 2024 earnings at $1.43 EPS, Q2 2024 earnings at $1.66 EPS, Q3 2024 earnings at $1.30 EPS, Q4 2024 earnings at $1.42 EPS, FY2024 earnings at $5.81 EPS, Q1 2025 earnings at $2.54 EPS, Q2 2025 earnings at $1.23 EPS and FY2025 earnings at $6.37 EPS.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Thursday, July 27th. The company reported $0.93 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.91 by $0.02. Ovintiv had a net margin of 28.27% and a return on equity of 16.27%. The company had revenue of $2.52 billion for the quarter, compared to analyst estimates of $2.11 billion.

Other analysts have also issued reports about the stock. The Goldman Sachs Group started coverage on shares of Ovintiv in a research note on Wednesday, July 12th. They set a “neutral” rating on the stock. UBS Group increased their target price on Ovintiv from $47.00 to $62.00 and gave the company a “buy” rating in a report on Thursday, August 17th. Royal Bank of Canada increased their target price on Ovintiv from $46.00 to $47.00 and gave the company a “sector perform” rating in a report on Monday, July 31st. Wells Fargo & Company increased their target price on Ovintiv from $36.00 to $39.00 in a report on Friday, July 7th. Finally, Citigroup increased their target price on Ovintiv from $40.00 to $48.00 and gave the company a “neutral” rating in a report on Tuesday, August 1st. Eight research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $57.47.

Ovintiv Price Performance

Shares of NYSE OVV opened at $47.32 on Monday. The company has a debt-to-equity ratio of 0.59, a current ratio of 0.45 and a quick ratio of 0.45. The company has a market cap of $12.96 billion, a price-to-earnings ratio of 3.57, a price-to-earnings-growth ratio of 0.61 and a beta of 2.81. The stock’s 50-day moving average is $45.63 and its two-hundred day moving average is $39.78. Ovintiv has a 1-year low of $32.07 and a 1-year high of $59.10.

Institutional Trading of Ovintiv

Hedge funds have recently bought and sold shares of the stock. Raymond James & Associates boosted its position in shares of Ovintiv by 35.3% during the first quarter. Raymond James & Associates now owns 57,458 shares of the company’s stock worth $3,107,000 after buying an additional 14,978 shares during the period. Cambridge Investment Research Advisors Inc. bought a new stake in shares of Ovintiv in the first quarter worth $525,000. HighTower Advisors LLC bought a new stake in shares of Ovintiv in the first quarter worth $715,000. Cetera Advisor Networks LLC bought a new stake in shares of Ovintiv in the first quarter worth $224,000. Finally, PNC Financial Services Group Inc. increased its position in shares of Ovintiv by 45.7% in the first quarter. PNC Financial Services Group Inc. now owns 15,605 shares of the company’s stock valued at $843,000 after acquiring an additional 4,895 shares during the last quarter. 98.30% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Ovintiv news, Director Steven W. Nance sold 1,201 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The shares were sold at an average price of $48.65, for a total value of $58,428.65. Following the transaction, the director now directly owns 20,929 shares of the company’s stock, valued at $1,018,195.85. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 1.70% of the stock is currently owned by corporate insiders.

Ovintiv Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Friday, September 15th will be given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.54%. The ex-dividend date is Thursday, September 14th. Ovintiv’s dividend payout ratio (DPR) is presently 9.06%.

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. 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.