Analysts on Wall Street project that Ovintiv (OVV) will announce quarterly earnings of $1.03 per share in its forthcoming report, representing a decline of 16.9% year over year. Revenues are projected to reach $1.95 billion, declining 14.7% from the same quarter last year.
Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted upward by 0.5% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While it's common for investors to rely on consensus earnings and revenue estimates for assessing how the business may have performed during the quarter, exploring analysts' forecasts for key metrics can yield valuable insights.
Given this perspective, it's time to examine the average forecasts of specific Ovintiv metrics that are routinely monitored and predicted by Wall Street analysts.
The collective assessment of analysts points to an estimated 'Revenues- Canadian Operations' of $611.52 million. The estimate indicates a year-over-year change of +32.9%.
Based on the collective assessment of analysts, 'Revenues- USA Operations' should arrive at $1.19 billion. The estimate points to a change of -17.9% from the year-ago quarter.
The average prediction of analysts places 'Revenues- Corporate & other' at $18.19 million. The estimate points to a change of -30.1% from the year-ago quarter.
It is projected by analysts that the 'Production Volumes - Total - Total' will reach 599.60 thousands of barrels of oil equivalent per day. The estimate is in contrast to the year-ago figure of 593.80 thousands of barrels of oil equivalent per day.
Analysts predict that the 'Production Volumes - Oil & Plant Condensate - Total' will reach 207.78 thousands of barrels of oil per day. The estimate compares to the year-ago value of 211.90 thousands of barrels of oil per day.
The combined assessment of analysts suggests that 'Production Volumes - NGLs-Other - Total' will likely reach 89.81 thousands of barrels of oil per day. The estimate compares to the year-ago value of 92.00 thousands of barrels of oil per day.
The consensus estimate for 'Production Volumes - Natural Gas - Total' stands at . The estimate compares to the year-ago value of .
The consensus among analysts is that 'Production Volumes - Oil - Total' will reach 147.84 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 167.30 thousands of barrels of oil per day.
Analysts expect 'Production Volumes - NGLs - Total - Total' to come in at 149.02 thousands of barrels of oil per day. Compared to the present estimate, the company reported 136.60 thousands of barrels of oil per day in the same quarter last year.
According to the collective judgment of analysts, 'Production Volumes - Oil & NGLs - Total' should come in at 296.86 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 303.90 thousands of barrels of oil per day.
Analysts forecast 'Production Volumes - Total - Canadian Operations' to reach 286.62 thousands of barrels of oil equivalent per day. Compared to the present estimate, the company reported 251.90 thousands of barrels of oil equivalent per day in the same quarter last year.
Analysts' assessment points toward 'Production Volumes - Total - USA Operations' reaching 313.29 thousands of barrels of oil equivalent per day. Compared to the current estimate, the company reported 341.90 thousands of barrels of oil equivalent per day in the same quarter of the previous year.
View all Key Company Metrics for Ovintiv here>>>
Over the past month, Ovintiv shares have remained unchanged versus the Zacks S&P 500 composite's +5.9% change. Based on its Zacks Rank #3 (Hold), OVV will likely exhibit a performance that aligns with the overall market in the upcoming period. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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Ovintiv Inc. (OVV): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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