Ovintiv Inc. (TSE:OVV) to Post Q2 2023 Earnings of $2.10 Per Share, Capital One Financial Forecasts

Ovintiv Inc. (TSE:OVV – Get Rating) – Stock analysts at Capital One Financial decreased their Q2 2023 earnings estimates for shares of Ovintiv in a research report issued to clients and investors on Wednesday, May 10th. Capital One Financial analyst P. Johnston now forecasts that the company will post earnings of $2.10 per share for the quarter, down from their prior estimate of $2.49. The consensus estimate for Ovintiv’s current full-year earnings is $9.50 per share. Capital One Financial also issued estimates for Ovintiv’s Q3 2023 earnings at $2.57 EPS, Q4 2023 earnings at $2.45 EPS, FY2023 earnings at $9.55 EPS and FY2024 earnings at $9.11 EPS.

Ovintiv (TSE:OVV – Get Rating) last issued its earnings results on Monday, February 27th. The company reported C$1.23 earnings per share for the quarter, missing the consensus estimate of C$2.48 by C($1.25). The firm had revenue of C$4.36 billion during the quarter, compared to the consensus estimate of C$3.10 billion. Ovintiv had a return on equity of 56.99% and a net margin of 25.50%.

Separately, Royal Bank of Canada decreased their price target on shares of Ovintiv from C$57.00 to C$55.00 and set a “sector perform” rating on the stock in a research note on Tuesday, April 4th.

Ovintiv Stock Down 0.6 %

Shares of OVV stock opened at C$44.61 on Monday. The stock has a market cap of C$10.85 billion, a P/E ratio of 2.32, a PEG ratio of 0.05 and a beta of 3.58. Ovintiv has a 52 week low of C$43.76 and a 52 week high of C$79.28. The company has a quick ratio of 0.51, a current ratio of 0.61 and a debt-to-equity ratio of 58.43. The company’s fifty day simple moving average is C$49.77 and its two-hundred day simple moving average is C$61.27.

Ovintiv Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Investors of record on Thursday, June 15th will be given a $0.406 dividend. This is a positive change from Ovintiv’s previous quarterly dividend of $0.33. This represents a $1.62 dividend on an annualized basis and a yield of 3.64%. The ex-dividend date of this dividend is Wednesday, June 14th. Ovintiv’s dividend payout ratio is 8.44%.

About Ovintiv

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Ovintiv Inc, together with its subsidiaries, engages in the exploration, development, production, and marketing of natural gas, oil, and natural gas liquids. It operates through USA Operations, Canadian Operations, and Market Optimization segments. The company's principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.