$2.02 Billion in Sales Expected for Ovintiv Inc. (NYSE:OVV) This Quarter


Equities analysts expect Ovintiv Inc. (NYSE:OVV) to report sales of $2.02 billion for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Ovintiv’s earnings, with the highest sales estimate coming in at $2.32 billion and the lowest estimate coming in at $1.71 billion. Ovintiv reported sales of $1.19 billion in the same quarter last year, which would indicate a positive year over year growth rate of 69.7%. The company is expected to report its next earnings results on Wednesday, October 27th.

On average, analysts expect that Ovintiv will report full year sales of $7.65 billion for the current fiscal year, with estimates ranging from $6.96 billion to $8.13 billion. For the next fiscal year, analysts forecast that the company will post sales of $8.53 billion, with estimates ranging from $7.02 billion to $9.57 billion. Zacks’ sales averages are a mean average based on a survey of research analysts that cover Ovintiv.


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Ovintiv (NYSE:OVV) last released its quarterly earnings data on Tuesday, July 27th. The company reported $1.11 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.36. Ovintiv had a negative net margin of 32.51% and a positive return on equity of 18.65%.

Several equities research analysts have recently weighed in on the company. TheStreet upgraded Ovintiv from a “d” rating to a “c-” rating in a research report on Monday, August 2nd. Wells Fargo & Company upped their price target on Ovintiv from $38.00 to $40.00 and gave the company an “overweight” rating in a research report on Monday, August 23rd. National Bankshares decreased their price target on Ovintiv from $41.00 to $38.00 and set an “outperform” rating on the stock in a research report on Friday, July 30th. Bank of America started coverage on Ovintiv in a research report on Tuesday, August 17th. They set a “buy” rating on the stock. Finally, Zacks Investment Research upgraded shares of Ovintiv from a “hold” rating to a “strong-buy” rating and set a $35.00 price objective on the stock in a research report on Wednesday, July 7th. Four investment analysts have rated the stock with a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Buy” and an average price target of $32.93.


In related news, Director Katherine Lucas Minyard acquired 5,130 shares of the company’s stock in a transaction dated Thursday, August 5th. The stock was purchased at an average price of $25.51 per share, with a total value of $130,866.30. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.70% of the company’s stock.

A number of hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Ovintiv by 7.0% in the second quarter. Vanguard Group Inc. now owns 27,204,165 shares of the company’s stock worth $856,115,000 after acquiring an additional 1,769,917 shares during the period. BlackRock Inc. lifted its stake in Ovintiv by 8.4% in the first quarter. BlackRock Inc. now owns 21,898,151 shares of the company’s stock worth $521,612,000 after acquiring an additional 1,694,168 shares during the period. FMR LLC lifted its stake in Ovintiv by 8.6% in the second quarter. FMR LLC now owns 4,602,185 shares of the company’s stock worth $144,832,000 after acquiring an additional 364,949 shares during the period. Geode Capital Management LLC lifted its stake in Ovintiv by 7.1% in the second quarter. Geode Capital Management LLC now owns 4,474,090 shares of the company’s stock worth $140,799,000 after acquiring an additional 298,459 shares during the period. Finally, Maple Rock Capital Partners Inc. lifted its stake in Ovintiv by 77.1% in the second quarter. Maple Rock Capital Partners Inc. now owns 2,327,728 shares of the company’s stock worth $73,254,000 after acquiring an additional 1,013,728 shares during the period. 70.06% of the stock is owned by institutional investors.


NYSE OVV opened at $29.87 on Tuesday. The firm’s 50-day simple moving average is $26.66 and its two-hundred day simple moving average is $26.66. Ovintiv has a 52 week low of $6.81 and a 52 week high of $33.46. The company has a market cap of $7.80 billion, a PE ratio of -3.81 and a beta of 3.92. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 1.22.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 30th. Stockholders of record on Wednesday, September 15th will be paid a dividend of $0.14 per share. This represents a $0.56 dividend on an annualized basis and a dividend yield of 1.87%. The ex-dividend date of this dividend is Tuesday, September 14th. This is a positive change from Ovintiv’s previous quarterly dividend of $0.09. Ovintiv’s dividend payout ratio is 108.57%.


Ovintiv Company Profile

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.

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