Ovintiv Inc Stock Price, News & Analysis

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.

Ovintiv Inc. (NYSE: OVV) held its 2022 Annual Meeting of Shareholders on May 4, 2022, where all nominees for the Board of Directors were elected with strong support. Notably, Meg A. Gentle received 99.32% of votes in favor. The meeting also included an advisory vote on executive compensation, which garnered 97.78% approval. Additionally, a proposal to increase the share reserve of the Omnibus Incentive Plan was approved with 97.35% of votes. The ratification of PricewaterhouseCoopers LLP as independent auditors also received significant support with 97.60% in favor.

Ovintiv Inc. is set to hold its 2022 first quarter results conference call on May 10, 2022, at 9:00 a.m. MT. The company will release its financial and operating results after market close on May 9, 2022. Supplemental slides and financial statements will be available on Ovintiv's website. To participate, dial 888-664-6383 (North America) or 416-764-8650 (international) about 15 minutes prior to the call. The event will also be available via a live audio webcast and archived for 90 days.

Ovintiv has reported a strong performance for the year 2021, achieving $1.4 billion in net earnings and generating $3.1 billion in cash from operating activities. The company announced a 43% increase in its quarterly dividend to $0.80 per share. Ovintiv has successfully reduced net debt by $2.3 billion and aims to reach a $3 billion target in 2022. Additionally, the company has outlined a robust capital program of $1.5 billion for 2022, expecting production of 180-190 Mbbls/d of oil and condensate.

Rising Phoenix Royalties (RPR) has announced a new acquisition involving 5 net royalty acres in the Woodford Basin, Stephens County, OK, consisting of 49% oil and 51% natural gas. The acquisition was made from an undisclosed seller, with Ovintiv (NYSE: OVV) acting as the well-site operator. CEO Jace Graham emphasized RPR's capability to handle smaller deals, with purchase sizes ranging from $50k to $10mm. RPR has acquired over $140 million in mineral and royalty assets since 2009, enhancing its portfolio in the oil and gas sector.

Ovintiv Inc. (NYSE: OVV) will host its 2021 fourth quarter and year-end results conference call at 9:00 a.m. MT on Friday, February 25, 2022. The financial and operating results will be released after market close on February 24, 2022. Supplemental slides and financial statements will be available on the Company's website, www.ovintiv.com. Participants can join by dialing 888-664-6383 (North America) or 416-764-8650 (international) 15 minutes before the call. A live audio webcast will also be accessible on the website and archived for 90 days.

Ovintiv reported strong third quarter results, generating $812 million in operational cash flow and $480 million in non-GAAP free cash flow. The company reduced net debt by $409 million to $4.8 billion, achieving a leverage ratio of 1.5 times net debt to adjusted EBITDA. A share buyback program worth $111 million is set for Q4, alongside a 50% increase in the base dividend. However, Ovintiv faced a net loss of $72 million primarily due to risk management losses totaling $954 million. The company also committed to reducing its methane intensity by 33% by 2021, ahead of schedule.

Ovintiv Inc. (NYSE: OVV) announced its third quarter 2021 results conference call scheduled for November 3, 2021, at 9:00 a.m. MT. Financial results will be released after market close on November 2, 2021. Supplemental slides and financial statements will be accessible on Ovintiv's website, www.ovintiv.com. To join the call, participants should dial 888-664-6383 (North America) or 416-764-8650 (international) 15 minutes prior. The live audio webcast will also be available on the website and archived for 90 days.