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Ovintiv (OVV) Stock Moves -0.38%: What You Should Know
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Ovintiv (OVV - Free Report) closed at $55.57 in the latest trading session, marking a -0.38% move from the prior day. This change was narrower than the S&P 500's 2.8% loss on the day. At the same time, the Dow lost 2.11%, and the tech-heavy Nasdaq lost 0.06%.
Heading into today, shares of the energy company had gained 10.78% over the past month, outpacing the Oils-Energy sector's gain of 1.49% and the S&P 500's loss of 4.08% in that time.
Wall Street will be looking for positivity from Ovintiv as it approaches its next earnings report date. The company is expected to report EPS of $2.46, up 64% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $2.62 billion, up 46.64% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $9.20 per share and revenue of $10.8 billion, which would represent changes of +87.76% and +24.71%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Ovintiv. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 5.74% lower. Ovintiv is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Ovintiv is holding a Forward P/E ratio of 6.06. This represents a premium compared to its industry's average Forward P/E of 5.88.
It is also worth noting that OVV currently has a PEG ratio of 0.12. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Exploration and Production - Canadian industry currently had an average PEG ratio of 0.4 as of yesterday's close.
The Oil and Gas - Exploration and Production - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 232, putting it in the bottom 8% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow OVV in the coming trading sessions, be sure to utilize Zacks.com.
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Ovintiv (OVV) Stock Moves -0.38%: What You Should Know
Ovintiv (OVV - Free Report) closed at $55.57 in the latest trading session, marking a -0.38% move from the prior day. This change was narrower than the S&P 500's 2.8% loss on the day. At the same time, the Dow lost 2.11%, and the tech-heavy Nasdaq lost 0.06%.
Heading into today, shares of the energy company had gained 10.78% over the past month, outpacing the Oils-Energy sector's gain of 1.49% and the S&P 500's loss of 4.08% in that time.
Wall Street will be looking for positivity from Ovintiv as it approaches its next earnings report date. The company is expected to report EPS of $2.46, up 64% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $2.62 billion, up 46.64% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $9.20 per share and revenue of $10.8 billion, which would represent changes of +87.76% and +24.71%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Ovintiv. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 5.74% lower. Ovintiv is currently a Zacks Rank #3 (Hold).
Looking at its valuation, Ovintiv is holding a Forward P/E ratio of 6.06. This represents a premium compared to its industry's average Forward P/E of 5.88.
It is also worth noting that OVV currently has a PEG ratio of 0.12. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Exploration and Production - Canadian industry currently had an average PEG ratio of 0.4 as of yesterday's close.
The Oil and Gas - Exploration and Production - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 232, putting it in the bottom 8% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow OVV in the coming trading sessions, be sure to utilize Zacks.com.