Ovintiv Inc Stock Price, News & Analysis

Ovintiv Inc. (NYSE: OVV) announced its 2022 third quarter results conference call scheduled for 8:00 a.m. MT on November 9, 2022. The financial results will be released after market close on November 8, 2022. Supplemental slides and financial statements will be accessible on their website.

To join the call, dial 888-664-6383 (North America) or 416-764-8650 (international) 15 minutes prior. The event will be available via live audio webcast and archived for 90 days on the Ovintiv website.

Ovintiv Inc. (NYSE: OVV) has received TSX approval to renew its normal course issuer bid (NCIB), allowing the purchase of up to 24.8 million shares, representing 10% of its public float. This program aligns with Ovintiv's strategy to enhance shareholder value by increasing cash returns and focusing on financial strength. Following a decision in July 2022, the company has boosted cash returns to 50% of the previous quarter's Non-GAAP Free Cash Flow. The NCIB is set to commence on October 3, 2022, and will run for 12 months.

Ovintiv Inc. (NYSE: OVV) has announced the release of materials for its Montney webcast and conference call scheduled for September 19, 2022, at 9:00 a.m. MT (11:00 a.m. ET). The presentation materials are accessible on the company’s website under the Investors/Presentations and Events section. Participants can join the call by dialing in 15 minutes prior, with options available for both North American and international calls. The archived webcast will be available for approximately 90 days.

Ovintiv Inc. (NYSE: OVV) announced details for its Montney webcast and conference call scheduled for 9:00 a.m. MT on September 19, 2022. The event will feature an overview of the company's market access strategy, a review of the Montney resource, and discussions on innovative development practices leading to enhanced well performance. Interested participants can join the call by dialing 888-664-6383 or 416-764-8650. The webcast will be available on Ovintiv's website and archived for 90 days, offering insights into their long-term value strategy.

Ovintiv Inc. (NYSE: OVV) announced the appointment of Ralph Izzo as an independent Board member, effective September 6, 2022. Izzo, with extensive leadership experience in the energy sector, previously served as Chair, President, and CEO of Public Service Enterprise Group. His background in operations, strategic planning, and finance is expected to enhance Ovintiv's Board. Bruce Waterman will retire from the Board on December 31, 2022, after 12 years, having served as Audit Committee Chair.

Ovintiv Inc. reported a remarkable second quarter in 2022, generating net earnings of $1.36 billion and Non-GAAP Free Cash Flow of $713 million. The company doubled its shareholder returns to 50% of Non-GAAP Free Cash Flow, returning approximately $200 million to shareholders which is expected to rise to $389 million in the third quarter. The reduction of net debt by $610 million and successful asset sales totaling $250 million further enhanced its financial stability. Production levels were also robust, averaging 500 MBOE/d at the high end of guidance.

Ovintiv Inc. (NYSE: OVV) announced its 2022 second quarter results conference call scheduled for 8:00 a.m. MT on August 4, 2022. The financial and operating results will be released on August 3, 2022, following market close. Supplemental slides and financial statements will be accessible on the company's website, www.ovintiv.com.

To join the call, dial 888-664-6383 (North America) or 416-764-8650 (international) about 15 minutes prior. A live audio webcast and archived presentation will also be available for 90 days on the Ovintiv website.

On July 6, 2022, Ovintiv Inc. (NYSE: OVV) announced agreements to sell assets in the Uinta and Bakken Basins, generating approximately $250 million in proceeds. Following strong financial performance, the company will now accelerate its cash returns to shareholders to 50% of the previous quarter's Non-GAAP Free Cash Flow, effective immediately for Q3. This shift allows Ovintiv to enhance shareholder value through anticipated share buybacks. The asset sales involve mature waterflood properties with approximately 5.0 MBOE/d in production, expected to close in Q3, 2022.

Ovintiv announced significant financial results for Q1 2022, highlighting a cash flow of $1,043 million and a 25% increase in quarterly dividends to $0.25 per share, raising annualized dividends to $1.00. The company plans to double shareholder returns to 50% of Non-GAAP Free Cash Flow starting October 2022, targeting $1 billion in total shareholder returns for the year. Despite reporting a net loss of $241 million, Ovintiv is on track to meet its $3 billion net debt target and has initiated the redemption of $1 billion in 2024 notes, expected to save $55 million annually in interest expenses.