Q2 2024 Earnings Forecast for Ovintiv Inc. (TSE:OVV) Issued By Seaport Res Ptn

Ovintiv Inc. (TSE:OVV) – Stock analysts at Seaport Res Ptn upped their Q2 2024 earnings per share estimates for shares of Ovintiv in a report issued on Thursday, May 23rd. Seaport Res Ptn analyst N. Pope now expects that the company will earn $2.12 per share for the quarter, up from their previous forecast of $2.09. The consensus estimate for Ovintiv’s current full-year earnings is $8.57 per share. Seaport Res Ptn also issued estimates for Ovintiv’s FY2024 earnings at $8.75 EPS and Q4 2025 earnings at $2.27 EPS.

Other analysts also recently issued reports about the stock. Royal Bank of Canada upped their price objective on shares of Ovintiv from C$48.00 to C$49.00 and gave the company a “sector perform” rating in a report on Thursday, February 29th. National Bankshares upped their price target on shares of Ovintiv from C$59.00 to C$68.00 and gave the company an “outperform” rating in a report on Friday, April 19th.

Ovintiv Price Performance

Shares of TSE:OVV opened at C$65.99 on Monday. Ovintiv has a twelve month low of C$44.26 and a twelve month high of C$76.63. The company has a current ratio of 0.52, a quick ratio of 0.51 and a debt-to-equity ratio of 69.30. The company has a market cap of C$17.62 billion, a PE ratio of 6.72, a price-to-earnings-growth ratio of 0.05 and a beta of 2.67. The company’s 50 day moving average is C$70.69 and its 200 day moving average is C$63.52.

Ovintiv (TSE:OVV) last announced its quarterly earnings data on Tuesday, May 7th. The company reported C$1.94 earnings per share for the quarter, beating analysts’ consensus estimates of C$1.80 by C$0.14. Ovintiv had a return on equity of 21.33% and a net margin of 18.52%. The business had revenue of C$3.17 billion for the quarter, compared to analyst estimates of C$3.53 billion.

Ovintiv Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be issued a $0.413 dividend. The ex-dividend date of this dividend is Friday, June 14th. This is an increase from Ovintiv’s previous quarterly dividend of $0.40. This represents a $1.65 dividend on an annualized basis and a yield of 2.50%. Ovintiv’s payout ratio is presently 16.70%.

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.