Q2 2023 EPS Estimates for Ovintiv Inc. (NYSE:OVV) Lowered by Seaport Res Ptn

Posted by on Jul 22nd, 2023

Ovintiv Inc. (NYSE:OVV – Free Report) – Investment analysts at Seaport Res Ptn decreased their Q2 2023 EPS estimates for Ovintiv in a report issued on Tuesday, July 18th. Seaport Res Ptn analyst N. Pope now anticipates that the company will post earnings of $0.96 per share for the quarter, down from their previous forecast of $1.24. The consensus estimate for Ovintiv’s current full-year earnings is $6.69 per share. Seaport Res Ptn also issued estimates for Ovintiv’s Q1 2024 earnings at $1.86 EPS, Q4 2024 earnings at $1.94 EPS and FY2024 earnings at $7.23 EPS.

Ovintiv (NYSE:OVV – Get Free Report) last released its quarterly earnings results on Tuesday, May 9th. The company reported $1.82 earnings per share for the quarter, missing the consensus estimate of $1.83 by ($0.01). The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.34 billion. Ovintiv had a net margin of 33.45% and a return on equity of 23.98%.

Several other research firms have also recently weighed in on OVV. UBS Group lifted their price target on shares of Ovintiv from $46.00 to $47.00 in a report on Thursday, July 13th. Wells Fargo & Company raised their price objective on Ovintiv from $36.00 to $39.00 in a research report on Friday, July 7th. Royal Bank of Canada lowered their price objective on Ovintiv from $57.00 to $55.00 and set a “sector perform” rating for the company in a research report on Tuesday, April 4th. Mizuho lowered their price objective on Ovintiv from $66.00 to $62.00 in a research report on Friday, May 19th. Finally, The Goldman Sachs Group began coverage on Ovintiv in a research report on Wednesday, July 12th. They set a “neutral” rating for the company. Eight analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.68.

Ovintiv Stock Performance

NYSE:OVV opened at $42.21 on Friday. The stock has a market cap of $11.66 billion, a P/E ratio of 2.47, a price-to-earnings-growth ratio of 0.39 and a beta of 2.78. The firm’s fifty day simple moving average is $36.85 and its 200 day simple moving average is $40.07. Ovintiv has a twelve month low of $32.07 and a twelve month high of $59.10. The company has a quick ratio of 0.53, a current ratio of 0.53 and a debt-to-equity ratio of 0.40.

Institutional Investors Weigh In On Ovintiv

Several large investors have recently bought and sold shares of the business. Miller Wealth Advisors LLC increased its holdings in Ovintiv by 48.2% in the 4th quarter. Miller Wealth Advisors LLC now owns 664 shares of the company’s stock worth $32,000 after buying an additional 216 shares in the last quarter. New York State Teachers Retirement System increased its holdings in Ovintiv by 1.1% in the 4th quarter. New York State Teachers Retirement System now owns 22,750 shares of the company’s stock worth $1,154,000 after buying an additional 250 shares in the last quarter. Outlook Wealth Advisors LLC grew its stake in shares of Ovintiv by 5.1% during the 1st quarter. Outlook Wealth Advisors LLC now owns 5,850 shares of the company’s stock valued at $211,000 after purchasing an additional 284 shares during the period. Bay Harbor Wealth Management LLC grew its stake in shares of Ovintiv by 43.9% during the 4th quarter. Bay Harbor Wealth Management LLC now owns 967 shares of the company’s stock valued at $49,000 after purchasing an additional 295 shares during the period. Finally, Inspire Investing LLC grew its stake in shares of Ovintiv by 4.8% during the 4th quarter. Inspire Investing LLC now owns 6,718 shares of the company’s stock valued at $341,000 after purchasing an additional 308 shares during the period. 76.31% of the stock is currently owned by institutional investors.

Ovintiv Company Profile

(Get Free Report)

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. 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.

Featured Articles

Earnings History and Estimates for Ovintiv (NYSE:OVV)

Receive News & Ratings for Ovintiv Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Ovintiv and related companies with MarketBeat.com's FREE daily email newsletter.