Capital One Financial Brokers Reduce Earnings Estimates for Ovintiv Inc. (TSE:OVV)

Ovintiv Inc. (TSE:OVV) – Investment analysts at Capital One Financial cut their Q2 2024 earnings per share estimates for Ovintiv in a research note issued on Wednesday, July 10th. Capital One Financial analyst P. Johnston now anticipates that the company will earn $1.61 per share for the quarter, down from their previous estimate of $1.84. The consensus estimate for Ovintiv’s current full-year earnings is $8.57 per share. Capital One Financial also issued estimates for Ovintiv’s FY2024 earnings at $8.16 EPS, Q1 2025 earnings at $2.29 EPS, Q2 2025 earnings at $2.37 EPS, Q3 2025 earnings at $2.49 EPS, Q4 2025 earnings at $2.57 EPS, FY2025 earnings at $9.71 EPS and FY2026 earnings at $9.61 EPS.

Ovintiv (TSE:OVV) last released its earnings results on Tuesday, May 7th. The company reported C$1.94 EPS for the quarter, beating the consensus estimate of C$1.80 by C$0.14. The firm had revenue of C$3.17 billion during the quarter, compared to analyst estimates of C$3.53 billion. Ovintiv had a return on equity of 21.33% and a net margin of 18.52%.

Other equities research analysts have also issued reports about the company. National Bankshares upped their price target on Ovintiv from C$59.00 to C$68.00 and gave the stock an “outperform” rating in a research note on Friday, April 19th. Evercore ISI upgraded Ovintiv from a “hold” rating to a “strong-buy” rating in a research note on Wednesday.

Ovintiv Stock Performance

Ovintiv stock opened at C$65.65 on Friday. The firm has a market capitalization of C$17.53 billion, a P/E ratio of 6.69, a PEG ratio of 0.05 and a beta of 2.67. The stock has a fifty day moving average price of C$66.07 and a 200 day moving average price of C$64.79. Ovintiv has a 52 week low of C$50.11 and a 52 week high of C$76.63. The company has a current ratio of 0.52, a quick ratio of 0.51 and a debt-to-equity ratio of 69.30.

Ovintiv Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Friday, June 28th were given a $0.413 dividend. This is an increase from Ovintiv’s previous quarterly dividend of $0.40. The ex-dividend date was Friday, June 14th. This represents a $1.65 annualized dividend and a dividend yield of 2.52%. Ovintiv’s dividend payout ratio is presently 16.70%.

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.