Zacks Research Has Negative Outlook for Ovintiv Q3 Earnings

Ovintiv Inc. (TSE:OVV) – Stock analysts at Zacks Research decreased their Q3 2024 EPS estimates for shares of Ovintiv in a research report issued to clients and investors on Tuesday, October 22nd. Zacks Research analyst R. Department now expects that the company will post earnings per share of $1.36 for the quarter, down from their previous forecast of $1.52. The consensus estimate for Ovintiv’s current full-year earnings is $5.66 per share. Zacks Research also issued estimates for Ovintiv’s Q4 2024 earnings at $1.24 EPS, FY2024 earnings at $6.28 EPS and Q3 2026 earnings at $1.48 EPS.

Several other research analysts have also recently weighed in on OVV. Wolfe Research upgraded shares of Ovintiv to a “strong-buy” rating in a research report on Thursday, July 18th. Siebert Williams Shank raised shares of Ovintiv to a “strong-buy” rating in a report on Tuesday, October 15th. Finally, Evercore ISI raised shares of Ovintiv from a “hold” rating to a “strong-buy” rating in a report on Wednesday, July 10th. One equities research analyst has rated the stock with a hold rating, one has assigned a buy rating and three have given a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of C$58.50.

Ovintiv Stock Performance

TSE:OVV opened at C$56.12 on Friday. The stock has a market cap of C$14.79 billion, a P/E ratio of 5.74, a PEG ratio of 0.05 and a beta of 2.63. The company has a quick ratio of 0.51, a current ratio of 0.44 and a debt-to-equity ratio of 67.70. The business’s 50-day moving average price is C$56.18 and its two-hundred day moving average price is C$62.78. Ovintiv has a twelve month low of C$49.74 and a twelve month high of C$76.63.

Ovintiv (TSE:OVV) last issued its quarterly earnings data on Tuesday, July 30th. The company reported C$1.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of C$1.67 by C$0.02. Ovintiv had a return on equity of 19.75% and a net margin of 18.84%. The company had revenue of C$3.13 billion for the quarter, compared to the consensus estimate of C$3.46 billion.

Ovintiv Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 27th. Shareholders of record on Friday, September 27th were paid a $0.41 dividend. This represents a $1.64 annualized dividend and a yield of 2.92%. The ex-dividend date of this dividend was Friday, September 13th. Ovintiv’s dividend payout ratio is currently 16.58%.

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.