Seaport Res Ptn Equities Analysts Reduce Earnings Estimates for Ovintiv Inc. (TSE:OVV)

Ovintiv Inc. (TSE:OVV) – Investment analysts at Seaport Res Ptn reduced their Q3 2024 earnings estimates for shares of Ovintiv in a research report issued to clients and investors on Wednesday, May 8th. Seaport Res Ptn analyst N. Pope now expects that the company will post earnings of $2.38 per share for the quarter, down from their previous estimate of $2.75. The consensus estimate for Ovintiv’s current full-year earnings is $8.12 per share. Seaport Res Ptn also issued estimates for Ovintiv’s FY2024 earnings at $8.83 EPS and Q4 2025 earnings at $2.38 EPS.

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

Several other analysts have also recently commented on the stock. Royal Bank of Canada raised their target price 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. National Bankshares increased their target price on shares of Ovintiv from C$59.00 to C$68.00 and gave the stock an “outperform” rating in a research report on Friday, April 19th.

Ovintiv Stock Down 0.4 %

Shares of TSE:OVV opened at C$69.61 on Friday. The firm has a 50 day simple moving average of C$70.70 and a 200-day simple moving average of C$63.39. The company has a current ratio of 0.60, a quick ratio of 0.51 and a debt-to-equity ratio of 64.45. Ovintiv has a twelve month low of C$43.23 and a twelve month high of C$76.63. The company has a market capitalization of C$18.72 billion, a PE ratio of 6.45, a P/E/G ratio of 0.05 and a beta of 2.69.

Ovintiv Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 14th will be issued a dividend of $0.413 per share. This is an increase from Ovintiv’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Friday, June 14th. This represents a $1.65 annualized dividend and a dividend yield of 2.37%. Ovintiv’s payout ratio is 15.09%.

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.