Ovintiv (OVV) Declines 6.2% as Israel, Iran Agree to Pause Strikes

Ovintiv Inc. (NYSE:OVV) is one of the These 10 Stocks Took A Shocking Fall.

Ovintiv dropped its share prices by 6.24 percent on Monday to close at $38.91 apiece, in line with the drop in oil prices primarily due to the easing tensions between Israel and Iran.

After weeks of benefitting from the conflict through higher oil prices, Ovintiv Inc. (NYSE:OVV) declined alongside its energy peers after President Donald Trump announced in a social media post on Monday that the two Middle Eastern countries have officially agreed to pause strikes, adding that he hoped it would become permanent.

The oil and gas exploration and production sector alone declined by 3.29 percent.

In the first quarter of the year, Ovintiv Inc. (NYSE:OVV) registered total production of 588,000 barrels of oil equivalent per day (mboe/pd)

For the second quarter of the year, the company expects to produce between 585,000 to 605,000 mboe/pd, as well as between 595,000 to 615,000 mboe/pd for full-year 2025.

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Disclosure: None. This article is originally published at Insider Monkey.