Ovintiv Inc. Expected to Earn Q1 2024 Earnings of $1.92 Per Share (TSE:OVV)

Ovintiv Inc. (TSE:OVV) – Stock analysts at Capital One Financial raised their Q1 2024 earnings estimates for Ovintiv in a report released on Friday, April 19th. Capital One Financial analyst P. Johnston now forecasts that the company will earn $1.92 per share for the quarter, up from their prior estimate of $1.78. The consensus estimate for Ovintiv’s current full-year earnings is $8.51 per share. Capital One Financial also issued estimates for Ovintiv’s FY2024 earnings at $8.90 EPS and FY2025 earnings at $10.14 EPS.

Ovintiv (TSE:OVV) last posted its quarterly earnings data on Tuesday, February 27th. The company reported C$3.20 earnings per share (EPS) for the quarter, topping the consensus estimate of C$2.61 by C$0.59. Ovintiv had a return on equity of 23.09% and a net margin of 19.56%. The company had revenue of C$4.31 billion for the quarter, compared to analysts’ expectations of C$3.69 billion.

Other research analysts have also issued research reports about the company. National Bankshares raised their price objective on Ovintiv from C$59.00 to C$68.00 and gave the company an “outperform” rating in a report on Friday. Royal Bank of Canada raised their price target on shares of Ovintiv from C$48.00 to C$49.00 and gave the stock a “sector perform” rating in a research note on Thursday, February 29th.

Ovintiv Stock Performance

Shares of TSE:OVV opened at C$71.48 on Monday. The company has a debt-to-equity ratio of 64.45, a current ratio of 0.60 and a quick ratio of 0.51. Ovintiv has a 1 year low of C$43.23 and a 1 year high of C$76.63. The firm has a market capitalization of C$19.22 billion, a PE ratio of 6.66, a P/E/G ratio of 0.05 and a beta of 2.67. The business’s 50 day moving average price is C$68.17 and its 200-day moving average price is C$63.00.

Ovintiv Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, March 28th. Stockholders of record on Thursday, March 28th were issued a dividend of $0.403 per share. The ex-dividend date was Thursday, March 14th. This represents a $1.61 dividend on an annualized basis and a dividend yield of 2.26%. Ovintiv’s dividend payout ratio is currently 15.08%.

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.