Ovintiv Inc. (NYSE:OVV) to Post Q2 2024 Earnings of $1.55 Per Share, Seaport Res Ptn Forecasts

Ovintiv Inc. (NYSE:OVVFree Report) – Seaport Res Ptn upped their Q2 2024 EPS estimates for Ovintiv in a report issued on Thursday, May 23rd. Seaport Res Ptn analyst N. Pope now expects that the company will post earnings of $1.55 per share for the quarter, up from their previous forecast of $1.52. The consensus estimate for Ovintiv’s current full-year earnings is $6.07 per share. Seaport Res Ptn also issued estimates for Ovintiv’s FY2024 earnings at $6.39 EPS and Q4 2025 earnings at $1.66 EPS.

Other equities research analysts have also recently issued research reports about the company. The Goldman Sachs Group increased their price objective on Ovintiv from $47.00 to $56.00 and gave the stock a “neutral” rating in a report on Tuesday, March 26th. Morgan Stanley raised their price target on Ovintiv from $49.00 to $53.00 and gave the stock an “equal weight” rating in a research note on Monday, April 15th. Royal Bank of Canada boosted their price objective on shares of Ovintiv from $48.00 to $49.00 and gave the company a “sector perform” rating in a research report on Thursday, February 29th. UBS Group raised their target price on shares of Ovintiv from $69.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday, May 15th. Finally, Citigroup lifted their target price on shares of Ovintiv from $52.00 to $58.00 and gave the company a “buy” rating in a research note on Monday, March 18th. Four analysts have rated the stock with a hold rating and nine have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $57.56.

Check Out Our Latest Analysis on OVV

Ovintiv Stock Up 0.0 %

NYSE OVV opened at $48.29 on Monday. Ovintiv has a 1 year low of $32.49 and a 1 year high of $55.95. The stock has a market capitalization of $12.89 billion, a PE ratio of 6.74 and a beta of 2.65. The company has a debt-to-equity ratio of 0.53, a current ratio of 0.52 and a quick ratio of 0.52. The business’s 50-day moving average is $51.75 and its 200 day moving average is $46.90.

Ovintiv (NYSE:OVVGet Free Report) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $1.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.32 by $0.12. The business had revenue of $2.35 billion for the quarter, compared to analyst estimates of $2.58 billion. Ovintiv had a net margin of 18.12% and a return on equity of 17.74%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. GAMMA Investing LLC raised its position in Ovintiv by 7.5% in the 1st quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock worth $165,000 after buying an additional 220 shares during the last quarter. LPL Financial LLC grew its stake in shares of Ovintiv by 0.3% in the third quarter. LPL Financial LLC now owns 89,668 shares of the company’s stock worth $4,265,000 after acquiring an additional 261 shares during the period. Blue Trust Inc. raised its holdings in shares of Ovintiv by 20.5% during the fourth quarter. Blue Trust Inc. now owns 1,667 shares of the company’s stock valued at $80,000 after purchasing an additional 284 shares during the last quarter. Covestor Ltd lifted its position in Ovintiv by 23.1% during the first quarter. Covestor Ltd now owns 1,559 shares of the company’s stock valued at $81,000 after purchasing an additional 293 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in Ovintiv by 53.4% in the first quarter. Geneos Wealth Management Inc. now owns 862 shares of the company’s stock worth $45,000 after purchasing an additional 300 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

Insider Activity at Ovintiv

In other news, EVP Rachel Maureen Moore sold 9,300 shares of the 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 sale, the executive vice president now directly owns 52,557 shares of the company’s stock, valued at $2,662,012.05. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, EVP Rachel Maureen Moore sold 9,300 shares of the company’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $50.65, for a total value of $471,045.00. Following the transaction, the executive vice president now owns 52,557 shares in the company, valued at $2,662,012.05. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Renee Ellen Zemljak sold 76,264 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $50.96, for a total transaction of $3,886,413.44. Following the sale, the executive vice president now owns 23,672 shares in the company, valued at approximately $1,206,325.12. The disclosure for this sale can be found here. Insiders sold a total of 103,564 shares of company stock valued at $5,260,818 in the last 90 days. Corporate insiders own 0.97% of the company’s stock.

Ovintiv Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Investors of record on Friday, June 14th will be paid a $0.30 dividend. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.20 annualized dividend and a dividend yield of 2.48%. Ovintiv’s payout ratio is currently 16.76%.

Ovintiv Company Profile

(Get Free Report)

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.

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Earnings History and Estimates for Ovintiv (NYSE:OVV)

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