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Ovintiv (OVV) Reports Q3 Earnings: What Key Metrics Have to Say
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For the quarter ended September 2023, Ovintiv (OVV - Free Report) reported revenue of $2.65 billion, down 25.4% over the same period last year. EPS came in at $1.74, compared to $1.44 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $2.58 billion, representing a surprise of +2.82%. The company delivered an EPS surprise of -0.57%, with the consensus EPS estimate being $1.75.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Ovintiv performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Production Per Day - Total Production: 571.8 millions of barrels of oil equivalent versus the eight-analyst average estimate of 561.19 millions of barrels of oil equivalent.
Production Per Day - Total Natural Gas: 1625 millions of cubic feet versus the six-analyst average estimate of 1612.63 millions of cubic feet.
Production Per Day - Total Oil: 170.9 millions of barrels of oil compared to the 165.57 millions of barrels of oil average estimate based on five analysts.
Production Per Day - Total Oil & NGL: 300.9 millions of barrels of oil versus 291.21 millions of barrels of oil estimated by four analysts on average.
Production Per Day - Total NGL: 130 millions of barrels of oil versus 127.67 millions of barrels of oil estimated by four analysts on average.
Average Sales Price - Natural Gas: $2.33 versus $2.63 estimated by three analysts on average.
Production Per Day - Canadian Operations - Natural Gas: 1117 millions of cubic feet versus the three-analyst average estimate of 1189.8 millions of cubic feet.
Production Per Day - US Operations - Natural Gas: 508 millions of cubic feet compared to the 406.99 millions of cubic feet average estimate based on three analysts.
Average Sales Price - Oil: $80.70 versus the three-analyst average estimate of $79.92.
Revenues- Canadian Operations: $518 million compared to the $553.96 million average estimate based on three analysts. The reported number represents a change of +30.8% year over year.
Revenues- USA Operations: $1.54 billion versus $1.36 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +7.2% change.
Revenues- Market Optimization: $863 million versus $701.18 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -12.7% change.
Shares of Ovintiv have returned -2.1% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
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Ovintiv (OVV) Reports Q3 Earnings: What Key Metrics Have to Say
For the quarter ended September 2023, Ovintiv (OVV - Free Report) reported revenue of $2.65 billion, down 25.4% over the same period last year. EPS came in at $1.74, compared to $1.44 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $2.58 billion, representing a surprise of +2.82%. The company delivered an EPS surprise of -0.57%, with the consensus EPS estimate being $1.75.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Ovintiv performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Production Per Day - Total Production: 571.8 millions of barrels of oil equivalent versus the eight-analyst average estimate of 561.19 millions of barrels of oil equivalent.
- Production Per Day - Total Natural Gas: 1625 millions of cubic feet versus the six-analyst average estimate of 1612.63 millions of cubic feet.
- Production Per Day - Total Oil: 170.9 millions of barrels of oil compared to the 165.57 millions of barrels of oil average estimate based on five analysts.
- Production Per Day - Total Oil & NGL: 300.9 millions of barrels of oil versus 291.21 millions of barrels of oil estimated by four analysts on average.
- Production Per Day - Total NGL: 130 millions of barrels of oil versus 127.67 millions of barrels of oil estimated by four analysts on average.
- Average Sales Price - Natural Gas: $2.33 versus $2.63 estimated by three analysts on average.
- Production Per Day - Canadian Operations - Natural Gas: 1117 millions of cubic feet versus the three-analyst average estimate of 1189.8 millions of cubic feet.
- Production Per Day - US Operations - Natural Gas: 508 millions of cubic feet compared to the 406.99 millions of cubic feet average estimate based on three analysts.
- Average Sales Price - Oil: $80.70 versus the three-analyst average estimate of $79.92.
- Revenues- Canadian Operations: $518 million compared to the $553.96 million average estimate based on three analysts. The reported number represents a change of +30.8% year over year.
- Revenues- USA Operations: $1.54 billion versus $1.36 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +7.2% change.
- Revenues- Market Optimization: $863 million versus $701.18 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -12.7% change.
View all Key Company Metrics for Ovintiv here>>>Shares of Ovintiv have returned -2.1% over the past month versus the Zacks S&P 500 composite's +1.5% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.