Zacks Research Weighs in on Ovintiv Inc.’s Q2 2023 Earnings (NYSE:OVV)

Posted by Defense World Staff on May 4th, 2023

Ovintiv Inc. (NYSE:OVV – Get Rating) – Equities researchers at Zacks Research decreased their Q2 2023 earnings estimates for shares of Ovintiv in a research report issued to clients and investors on Tuesday, May 2nd. Zacks Research analyst N. Choudhury now anticipates that the company will earn $1.70 per share for the quarter, down from their previous forecast of $1.71. The consensus estimate for Ovintiv’s current full-year earnings is $9.02 per share. Zacks Research also issued estimates for Ovintiv’s Q1 2024 earnings at $2.28 EPS, Q2 2024 earnings at $2.04 EPS, Q3 2024 earnings at $2.27 EPS, Q1 2025 earnings at $2.57 EPS and FY2025 earnings at $7.76 EPS.

Ovintiv (NYSE:OVV – Get Rating) last released its earnings results on Monday, February 27th. The company reported $0.91 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.84). Ovintiv had a net margin of 29.18% and a return on equity of 28.85%. The company had revenue of $3.21 billion for the quarter, compared to analyst estimates of $2.30 billion.

Other equities analysts have also recently issued research reports about the stock. UBS Group initiated coverage on shares of Ovintiv in a research note on Wednesday, April 19th. They issued a “buy” rating and a $52.00 price objective for the company. Evercore ISI dropped their price objective on shares of Ovintiv from $60.00 to $42.00 and set an “in-line” rating for the company in a research note on Tuesday, April 4th. Truist Financial increased their price objective on shares of Ovintiv from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Tuesday, April 11th. JPMorgan Chase & Co. cut shares of Ovintiv from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $59.00 to $53.00 in a research note on Tuesday, March 14th. Finally, Wells Fargo & Company cut shares of Ovintiv from an “overweight” rating to an “equal weight” rating and dropped their target price for the stock from $64.00 to $40.00 in a research report on Monday, April 17th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.14.

Ovintiv Trading Down 3.0 %

Shares of OVV stock opened at $32.94 on Wednesday. Ovintiv has a 52-week low of $32.26 and a 52-week high of $63.30. The stock has a market cap of $8.01 billion, a price-to-earnings ratio of 2.32, a P/E/G ratio of 0.13 and a beta of 2.78. The company has a debt-to-equity ratio of 0.41, a quick ratio of 0.61 and a current ratio of 0.61. The firm has a fifty day moving average of $38.23 and a 200-day moving average of $46.23.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of OVV. Jump Financial LLC acquired a new stake in shares of Ovintiv in the 1st quarter valued at approximately $468,000. AGF Management Ltd. raised its position in shares of Ovintiv by 1.1% in the 1st quarter. AGF Management Ltd. now owns 365,983 shares of the company’s stock valued at $13,205,000 after acquiring an additional 4,159 shares during the period. Quantinno Capital Management LP raised its position in shares of Ovintiv by 23.0% in the 1st quarter. Quantinno Capital Management LP now owns 7,210 shares of the company’s stock valued at $260,000 after acquiring an additional 1,349 shares during the period. Pacer Advisors Inc. raised its holdings in Ovintiv by 73.0% during the 1st quarter. Pacer Advisors Inc. now owns 2,707,060 shares of the company’s stock worth $97,671,000 after buying an additional 1,142,624 shares during the period. Finally, Schaper Benz & Wise Investment Counsel Inc. WI raised its holdings in Ovintiv by 1.4% during the 1st quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 155,430 shares of the company’s stock worth $5,608,000 after buying an additional 2,195 shares during the period. Institutional investors own 76.76% of the company’s stock.

Insider Activity

In other news, Director Howard John Mayson sold 3,000 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $45.62, for a total value of $136,860.00. Following the transaction, the director now owns 21,403 shares of the company’s stock, valued at approximately $976,404.86. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.70% of the company’s stock.

Ovintiv Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be paid a $0.30 dividend. This represents a $1.20 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend is Wednesday, June 14th. This is a positive change from Ovintiv’s previous quarterly dividend of $0.25. Ovintiv’s dividend payout ratio (DPR) is 8.45%.

Ovintiv Company Profile

(Get Rating)

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.

Earnings History and Estimates for Ovintiv (NYSE:OVV)

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