Q2 2024 EPS Estimates for Ovintiv Inc. Lowered by Analyst (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV) – Equities research analysts at Seaport Res Ptn lowered their Q2 2024 earnings estimates for shares of Ovintiv in a report issued on Wednesday, May 8th. Seaport Res Ptn analyst N. Pope now anticipates that the company will earn $1.52 per share for the quarter, down from their previous estimate of $1.66. The consensus estimate for Ovintiv’s current full-year earnings is $6.13 per share. Seaport Res Ptn also issued estimates for Ovintiv’s Q3 2024 earnings at $1.73 EPS, Q4 2024 earnings at $1.70 EPS, FY2024 earnings at $6.43 EPS, Q1 2025 earnings at $1.71 EPS, Q2 2025 earnings at $1.49 EPS, Q3 2025 earnings at $1.53 EPS and FY2025 earnings at $6.46 EPS.

Several other brokerages have also recently weighed in on OVV. Morgan Stanley boosted their price target on shares of Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research report on Monday, April 15th. National Bankshares decreased their target price on shares of Ovintiv from $69.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, January 10th. Barclays began coverage on Ovintiv in a research report on Wednesday, April 10th. They set an “overweight” rating and a $69.00 target price for the company. Scotiabank reduced their target price on Ovintiv from $53.00 to $50.00 and set an “outperform” rating on the stock in a research note on Tuesday, January 16th. Finally, Royal Bank of Canada boosted their target price on shares of Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a research note on Thursday, February 29th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $56.71.

Ovintiv Stock Performance

OVV opened at $50.88 on Thursday. The stock has a market capitalization of $13.68 billion, a price-to-earnings ratio of 6.45 and a beta of 2.65. Ovintiv has a fifty-two week low of $32.07 and a fifty-two week high of $55.95. The company has a fifty day moving average of $51.85 and a 200 day moving average of $46.71. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.60 and a current ratio of 0.60.

Ovintiv (NYSE:OVV) last released its earnings results on Tuesday, February 27th. The company reported $2.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.94 by $0.41. Ovintiv had a return on equity of 19.50% and a net margin of 19.16%. The firm had revenue of $3.17 billion during the quarter, compared to analysts’ expectations of $2.75 billion.

Ovintiv Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, March 28th. Investors of record on Friday, March 15th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $1.20 dividend on an annualized basis and a yield of 2.36%. Ovintiv’s payout ratio is 15.21%.

Insider Activity at Ovintiv

In related news, EVP Renee Ellen Zemljak sold 76,264 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the transaction, the executive vice president now directly owns 23,672 shares in the company, valued at approximately $1,206,325.12. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Rachel Maureen Moore sold 9,300 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $50.65, for a total value of $471,045.00. Following the transaction, the executive vice president now directly owns 52,557 shares of the company’s stock, valued at approximately $2,662,012.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Renee Ellen Zemljak sold 76,264 shares of Ovintiv stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $50.96, for a total value of $3,886,413.44. Following the sale, the executive vice president now directly owns 23,672 shares of the company’s stock, valued at approximately $1,206,325.12. The disclosure for this sale can be found here. Insiders sold 91,564 shares of company stock valued at $4,660,818 over the last 90 days. Insiders own 0.97% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Quent Capital LLC boosted its position in Ovintiv by 151.3% in the fourth quarter. Quent Capital LLC now owns 583 shares of the company’s stock valued at $26,000 after buying an additional 351 shares during the last quarter. American National Bank acquired a new stake in Ovintiv during the 1st quarter worth about $27,000. Loomis Sayles & Co. L P raised its stake in shares of Ovintiv by 107.6% during the 3rd quarter. Loomis Sayles & Co. L P now owns 658 shares of the company’s stock valued at $31,000 after buying an additional 341 shares during the last quarter. Avalon Trust Co acquired a new position in shares of Ovintiv in the 4th quarter valued at about $34,000. Finally, Pacifica Partners Inc. acquired a new position in shares of Ovintiv in the 4th quarter valued at about $37,000. 83.81% of the stock is currently owned by hedge funds and other institutional investors.

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.