$1.38 Billion in Sales Expected for Ovintiv (NYSE:OVV) This Quarter

Wall Street brokerages expect Ovintiv (NYSE:OVV) to announce sales of $1.38 billion for the current quarter, Zacks reports. Three analysts have issued estimates for Ovintiv’s earnings. The highest sales estimate is $1.43 billion and the lowest is $1.30 billion. Ovintiv posted sales of $1.87 billion in the same quarter last year, which suggests a negative year over year growth rate of 26.2%. The company is scheduled to report its next quarterly earnings results on Thursday, October 29th.

According to Zacks, analysts expect that Ovintiv will report full year sales of $6.06 billion for the current fiscal year, with estimates ranging from $5.72 billion to $6.31 billion. For the next financial year, analysts anticipate that the business will post sales of $5.37 billion, with estimates ranging from $4.75 billion to $5.63 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Ovintiv.

Ovintiv (NYSE:OVV) last issued its quarterly earnings results on Tuesday, July 28th. The company reported ($0.43) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.41) by ($0.02). Ovintiv had a positive return on equity of 3.58% and a negative net margin of 56.12%. The firm had revenue of $726.00 million for the quarter, compared to the consensus estimate of $1.28 billion.

Several equities analysts recently commented on OVV shares. TD Securities increased their price objective on shares of Ovintiv from $9.00 to $11.00 and gave the company a “hold” rating in a research note on Wednesday, July 29th. National Bank Financial increased their price objective on shares of Ovintiv from $14.00 to $15.00 and gave the company an “outperform” rating in a research note on Wednesday, July 29th. Raymond James set a $10.00 price objective on shares of Ovintiv and gave the company a “market perform” rating in a research note on Thursday, July 30th. TheStreet downgraded shares of Ovintiv from a “c” rating to a “d” rating in a research note on Monday, August 31st. Finally, Royal Bank of Canada increased their price objective on shares of Ovintiv from $6.50 to $11.00 and gave the company a “sector perform” rating in a research note on Friday, June 26th. Two equities research analysts have rated the stock with a sell rating, sixteen have given a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $13.26.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Two Sigma Advisers LP increased its position in shares of Ovintiv by 8.1% during the second quarter. Two Sigma Advisers LP now owns 3,142,489 shares of the company’s stock worth $30,011,000 after buying an additional 235,600 shares during the period. Principal Financial Group Inc. acquired a new stake in shares of Ovintiv during the second quarter worth $401,000. Nuveen Asset Management LLC acquired a new stake in shares of Ovintiv during the second quarter worth $11,663,000. Charles Schwab Investment Management Inc. acquired a new stake in shares of Ovintiv during the second quarter worth $16,425,000. Finally, California State Teachers Retirement System acquired a new stake in shares of Ovintiv during the second quarter worth $3,770,000. Institutional investors own 71.83% of the company’s stock.

Shares of Ovintiv stock traded down $0.05 on Tuesday, reaching $9.18. 3,080,276 shares of the stock were exchanged, compared to its average volume of 7,583,585. The firm’s 50 day moving average is $10.76 and its 200-day moving average is $8.00. Ovintiv has a one year low of $2.10 and a one year high of $25.30. The company has a debt-to-equity ratio of 1.25, a quick ratio of 0.89 and a current ratio of 0.89. The firm has a market cap of $2.39 billion, a PE ratio of -0.62 and a beta of 4.06.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be given a dividend of $0.094 per share. This represents a $0.38 annualized dividend and a dividend yield of 4.10%. The ex-dividend date is Monday, September 14th. Ovintiv’s dividend payout ratio (DPR) is presently 11.55%.

About Ovintiv

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