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Ovintiv (OVV) shares have started gaining and might continue moving higher in the near term, as indicated by solid earnings estimate revisions.
DENVER , Oct. 10, 2023 Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced plans to hold its third quarter 2023 results conference call at 10:00 a.m. MT, on Wednesday November 8, 2023.
Ovintiv's Permian acquisition boosted its oil and condensate production to above 200,000 barrels per day. The increased production and strong oil prices led to a projection of over $800 million in 2H 2023 free cash flow at the current strip. OVV is also projected to generate approximately $2.2 billion in free cash flow in 2024 at the current strip.
Ovintiv (OVV) anticipates total production volumes to average between 540,000 and 560,000 barrels per day (bpd) for the third quarter and between 535,000 and 550,000 bpd for the year.
The headline numbers for Ovintiv (OVV) give insight into how the company performed in the quarter ended June 2023, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals.
Ovintiv (OVV) came out with quarterly earnings of $0.93 per share, beating the Zacks Consensus Estimate of $0.91 per share. This compares to earnings of $2.42 per share a year ago.
U.S. oil and gas deals rebounded in the second quarter as private equity firms shed shale portfolio investments and publicly traded oil firms grabbed smaller rivals.
Ovintiv, formerly Encana, is currently undervalued by ~22%, according to a weighted average between my projected NPV and Alpha Spread's relative valuation. Despite superior growth metrics, the company has experienced poor price action, likely due to a drop in natural gas spot prices and lower oil prices; however, a potential commodities upswing and the firm's scalability could drive growth. With scalable investments across the core midland Permian Basin and margin-expanding efficiencies built-in, I seek to rate Ovintiv a 'buy'
Ovintiv (OVV) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.