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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.
DENVER , June 29, 2023 /PRNewswire/ - Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced plans to hold its second quarter 2023 results conference call at 9:00 a.m. MT, on Friday July 28, 2023.
Despite a massive push toward renewables, the oil and gas industry remains the most vital component to the global energy mix. This puts Ovintiv Inc. ( OVV , Financial) in a good position.
Ovintiv (OVV) expects production in the range of 520,000-540,000 boe/day for the second quarter of 2023 and 521,000-546,000 boe/day for the full year.
Ovintiv (OVV) expects CapEx of $590-$630 million for Q2 and $2.6-$2.9 billion for 2023, with crude oil and condensate volumes of 170,000-174,000 bpd and natural gas production of 1,525-1,575 MMcf/d.
Ovintiv Inc. has had another strong quarter as they ride on the momentum of Q4 in 2022. Announcing the acquisition of new land where there is strong potential for a high-margin production creates a tailwind.