Analysts on Wall Street project that Ovintiv (OVV) will announce quarterly earnings of $0.98 per share in its forthcoming report, representing a decline of 27.4% year over year. Revenues are projected to reach $1.95 billion, declining 11% from the same quarter last year.
The consensus EPS estimate for the quarter has undergone an upward revision of 2.7% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.
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 investors typically rely on consensus earnings and revenue estimates to gauge how the business may have fared during the quarter, examining analysts' projections for some of the company's key metrics often helps gain a deeper insight.
Bearing this in mind, let's now explore the average estimates of specific Ovintiv metrics that are commonly monitored and projected by Wall Street analysts.
The consensus estimate for 'Revenues- Canadian Operations' stands at $706.65 million. The estimate indicates a year-over-year change of +10.9%.
Analysts forecast 'Revenues- USA Operations' to reach $1.20 billion. The estimate indicates a change of -57.4% from the prior-year quarter.
Analysts predict that the 'Production Volumes - Oil & Plant Condensate - Total' will reach 208.02 thousands of barrels of oil per day. The estimate compares to the year-ago value of 209.70 thousands of barrels of oil per day.
Analysts' assessment points toward 'Production Volumes - NGLs-Other - Total' reaching 95.53 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 90.10 thousands of barrels of oil per day.
Analysts expect 'Production Volumes - Total - Total' to come in at 621.13 thousands of barrels of oil equivalent per day. Compared to the present estimate, the company reported 579.90 thousands of barrels of oil equivalent per day in the same quarter last year.
The average prediction of analysts places 'Production Volumes - Natural Gas - Total' at . Compared to the current estimate, the company reported in the same quarter of the previous year.
The consensus among analysts is that 'Production Volumes - Oil - Total' will reach 139.91 thousands of barrels of oil per day. Compared to the current estimate, the company reported 167.10 thousands of barrels of oil per day in the same quarter of the previous year.
The combined assessment of analysts suggests that 'Production Volumes - NGLs - Total - Total' will likely reach 163.81 thousands of barrels of oil per day. Compared to the current estimate, the company reported 132.70 thousands of barrels of oil per day in the same quarter of the previous year.
According to the collective judgment of analysts, 'Production Volumes - Oil & NGLs - Total' should come in at 303.71 thousands of barrels of oil per day. Compared to the present estimate, the company reported 299.80 thousands of barrels of oil per day in the same quarter last year.
Based on the collective assessment of analysts, 'Production Volumes - Total - Canadian Operations' should arrive at 306.89 thousands of barrels of oil equivalent per day. The estimate compares to the year-ago value of 235.20 thousands of barrels of oil equivalent per day.
The collective assessment of analysts points to an estimated 'Production Volumes - Total - USA Operations' of 314.16 thousands of barrels of oil equivalent per day. The estimate compares to the year-ago value of 344.70 thousands of barrels of oil equivalent per day.
It is projected by analysts that the 'Production Volumes - Oil & NGLs - Canadian Operations' will reach 77.47 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 46.50 thousands of barrels of oil per day.
View all Key Company Metrics for Ovintiv here>>>
Shares of Ovintiv have demonstrated returns of +16.5% over the past month compared to the Zacks S&P 500 composite's -1.3% change. With a Zacks Rank #4 (Sell), OVV is expected to lag the overall market performance in the near future. 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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