Zacks Research Issues Positive Forecast for Ovintiv Earnings

Ovintiv Inc. (NYSE:OVV) – Equities research analysts at Zacks Research increased their FY2024 earnings per share estimates for Ovintiv in a research note issued to investors on Thursday, January 16th. Zacks Research analyst R. Department now forecasts that the company will earn $5.47 per share for the year, up from their prior estimate of $5.42. The consensus estimate for Ovintiv’s current full-year earnings is $5.58 per share. Zacks Research also issued estimates for Ovintiv’s Q4 2024 earnings at $0.96 EPS, Q1 2025 earnings at $1.05 EPS, Q2 2025 earnings at $1.02 EPS, Q3 2025 earnings at $1.19 EPS, Q4 2025 earnings at $1.36 EPS, FY2025 earnings at $4.62 EPS, Q1 2026 earnings at $0.97 EPS, Q2 2026 earnings at $0.99 EPS, Q3 2026 earnings at $1.33 EPS, Q4 2026 earnings at $1.96 EPS and FY2026 earnings at $5.24 EPS.

Several other equities research analysts have also recently issued reports on OVV. Truist Financial lifted their price objective on Ovintiv from $59.00 to $60.00 and gave the stock a “buy” rating in a report on Monday, January 13th. Scotiabank boosted their price target on Ovintiv from $50.00 to $53.00 and gave the stock a “sector outperform” rating in a research report on Monday, November 18th. Evercore ISI decreased their price objective on Ovintiv from $60.00 to $54.00 and set an “outperform” rating on the stock in a report on Monday, September 30th. Mizuho dropped their target price on shares of Ovintiv from $63.00 to $60.00 and set an “outperform” rating for the company in a report on Monday, December 16th. Finally, UBS Group decreased their price target on shares of Ovintiv from $59.00 to $56.00 and set a “buy” rating on the stock in a research note on Monday, December 9th. Four investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $56.81.

Ovintiv Stock Performance

NYSE OVV opened at $45.40 on Monday. Ovintiv has a fifty-two week low of $36.90 and a fifty-two week high of $55.95. The firm has a market capitalization of $11.82 billion, a P/E ratio of 6.02 and a beta of 2.63. The stock has a 50-day simple moving average of $42.49 and a two-hundred day simple moving average of $42.44. The company has a debt-to-equity ratio of 0.46, a quick ratio of 0.52 and a current ratio of 0.52.

Ovintiv (NYSE:OVV) last posted its quarterly earnings results on Thursday, November 7th. The company reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.09 by $0.76. The company had revenue of $2.32 billion during the quarter, compared to analyst estimates of $2.32 billion. Ovintiv had a net margin of 20.15% and a return on equity of 17.87%. During the same period last year, the firm posted $1.74 EPS.

Ovintiv Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, December 31st. Investors of record on Friday, December 13th were given a $0.30 dividend. This represents a $1.20 annualized dividend and a yield of 2.64%. The ex-dividend date of this dividend was Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds have recently modified their holdings of the stock. True Wealth Design LLC increased its holdings in shares of Ovintiv by 3,180.0% during the third quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after buying an additional 636 shares in the last quarter. MassMutual Private Wealth & Trust FSB grew its holdings in shares of Ovintiv by 100.8% in the 4th quarter. MassMutual Private Wealth & Trust FSB now owns 717 shares of the company’s stock valued at $29,000 after buying an additional 360 shares during the period. UMB Bank n.a. increased its holdings in shares of Ovintiv by 27.7% in the third quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock worth $50,000 after acquiring an additional 286 shares in the last quarter. Transamerica Financial Advisors Inc. bought a new position in Ovintiv in the third quarter valued at approximately $65,000. Finally, Covestor Ltd lifted its holdings in shares of Ovintiv by 43.9% in the third quarter. Covestor Ltd now owns 1,835 shares of the company’s stock valued at $70,000 after purchasing an additional 560 shares in the last quarter. 83.81% of the stock is owned by institutional investors and hedge funds.

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.