Q3 2024 EPS Estimates for Ovintiv Inc. Lowered by Analyst (NYSE:OVV)

Ovintiv Inc. (NYSE:OVV) – Capital One Financial lowered their Q3 2024 earnings per share (EPS) estimates for Ovintiv in a research report issued on Monday, October 14th. Capital One Financial analyst P. Johnston now expects that the company will post earnings per share of $1.08 for the quarter, down from their prior forecast of $1.18. The consensus estimate for Ovintiv’s current full-year earnings is $4.90 per share. Capital One Financial also issued estimates for Ovintiv’s FY2024 earnings at $4.82 EPS.

A number of other equities analysts have also commented on the company. Mizuho lowered their price objective on Ovintiv from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, October 9th. Citigroup lowered their price objective on Ovintiv from $58.00 to $55.00 and set a “buy” rating on the stock in a research note on Monday, October 7th. UBS Group decreased their price target on Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. JPMorgan Chase & Co. decreased their price target on Ovintiv from $60.00 to $51.00 and set an “overweight” rating on the stock in a research note on Thursday, September 12th. Finally, Wells Fargo & Company decreased their price target on Ovintiv from $51.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Tuesday, October 1st. Five equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. According to MarketBeat.com, Ovintiv has a consensus rating of “Moderate Buy” and a consensus price target of $57.00.

Ovintiv Stock Performance

NYSE:OVV opened at $41.10 on Wednesday. The stock has a market cap of $10.97 billion, a P/E ratio of 5.74, a PEG ratio of 8.02 and a beta of 2.61. The stock has a 50 day simple moving average of $41.47 and a 200 day simple moving average of $46.36. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.47. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95.

Ovintiv (NYSE:OVV) last released its quarterly earnings results on Tuesday, July 30th. The company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.22 by $0.02. The business had revenue of $2.29 billion during the quarter, compared to analysts’ expectations of $2.53 billion. Ovintiv had a return on equity of 18.28% and a net margin of 18.56%.

Hedge Funds Weigh In On Ovintiv

A number of hedge funds have recently bought and sold shares of the company. SageView Advisory Group LLC bought a new position in shares of Ovintiv in the fourth quarter valued at approximately $500,000. PNC Financial Services Group Inc. lifted its position in Ovintiv by 10.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 14,374 shares of the company’s stock valued at $631,000 after purchasing an additional 1,416 shares during the last quarter. HighPoint Advisor Group LLC purchased a new stake in Ovintiv during the 4th quarter valued at $173,000. CWM LLC grew its holdings in Ovintiv by 68.4% in the 1st quarter. CWM LLC now owns 5,175 shares of the company’s stock worth $269,000 after acquiring an additional 2,102 shares during the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Ovintiv by 7.5% in the first quarter. GAMMA Investing LLC now owns 3,170 shares of the company’s stock worth $165,000 after purchasing an additional 220 shares during the last quarter. 83.81% of the stock is owned by hedge funds and other institutional investors.

Ovintiv Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, September 27th. Investors of record on Friday, September 13th were given a dividend of $0.30 per share. The ex-dividend date of this dividend was Friday, September 13th. This represents a $1.20 annualized dividend and a dividend yield of 2.92%. Ovintiv’s payout ratio is 16.76%.

Ovintiv Company Profile

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.