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Ovintiv (OVV) Reports Q2 Earnings: What Key Metrics Have to Say
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For the quarter ended June 2023, Ovintiv (OVV - Free Report) reported revenue of $2.52 billion, down 32.6% over the same period last year. EPS came in at $0.93, compared to $2.42 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $2.11 billion, representing a surprise of +19.04%. The company delivered an EPS surprise of +2.20%, with the consensus EPS estimate being $0.91.
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: 573 MBOE/D compared to the 529.16 MBOE/D average estimate based on eight analysts.
Production Per Day - Total Natural Gas: 1743 MMcf/D versus the seven-analyst average estimate of 1600.19 MMcf/D.
Production Per Day - Total Oil: 142.4 MBBL/D versus the six-analyst average estimate of 134.87 MBBL/D.
Production Per Day - Total NGL: 140.3 MBBL/D versus 128.67 MBBL/D estimated by five analysts on average.
Production Per Day - Total Oil & NGL: 282.7 MBBL/D versus 263.49 MBBL/D estimated by four analysts on average.
Production Per Day - Canadian Operations - NGL-Plant Condensate: 33 MBBL/D versus the three-analyst average estimate of 27.29 MBBL/D.
Production Per Day - USA Operations-NGL - Plant Condensate: 10.5 MBBL/D versus the three-analyst average estimate of 12.89 MBBL/D.
Average Sales Price - NGLs Other - USA Operations: $13.43 versus $18.69 estimated by three analysts on average.
Production Per Day - NGLs Plant Condensate: 43.5 MBBL/D compared to the 40.18 MBBL/D average estimate based on three analysts.
Revenues - USA Operations: $1.19 billion versus $1.17 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -23.1% change.
Revenues - Canadian Operations: $468 million versus the three-analyst average estimate of $432.46 million. The reported number represents a year-over-year change of -12.9%.
Revenues - Market Optimization: $703 million versus $641.36 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -37.6% change.
Shares of Ovintiv have returned +18.6% over the past month versus the Zacks S&P 500 composite's +5.6% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.
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Ovintiv (OVV) Reports Q2 Earnings: What Key Metrics Have to Say
For the quarter ended June 2023, Ovintiv (OVV - Free Report) reported revenue of $2.52 billion, down 32.6% over the same period last year. EPS came in at $0.93, compared to $2.42 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $2.11 billion, representing a surprise of +19.04%. The company delivered an EPS surprise of +2.20%, with the consensus EPS estimate being $0.91.
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: 573 MBOE/D compared to the 529.16 MBOE/D average estimate based on eight analysts.
- Production Per Day - Total Natural Gas: 1743 MMcf/D versus the seven-analyst average estimate of 1600.19 MMcf/D.
- Production Per Day - Total Oil: 142.4 MBBL/D versus the six-analyst average estimate of 134.87 MBBL/D.
- Production Per Day - Total NGL: 140.3 MBBL/D versus 128.67 MBBL/D estimated by five analysts on average.
- Production Per Day - Total Oil & NGL: 282.7 MBBL/D versus 263.49 MBBL/D estimated by four analysts on average.
- Production Per Day - Canadian Operations - NGL-Plant Condensate: 33 MBBL/D versus the three-analyst average estimate of 27.29 MBBL/D.
- Production Per Day - USA Operations-NGL - Plant Condensate: 10.5 MBBL/D versus the three-analyst average estimate of 12.89 MBBL/D.
- Average Sales Price - NGLs Other - USA Operations: $13.43 versus $18.69 estimated by three analysts on average.
- Production Per Day - NGLs Plant Condensate: 43.5 MBBL/D compared to the 40.18 MBBL/D average estimate based on three analysts.
- Revenues - USA Operations: $1.19 billion versus $1.17 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -23.1% change.
- Revenues - Canadian Operations: $468 million versus the three-analyst average estimate of $432.46 million. The reported number represents a year-over-year change of -12.9%.
- Revenues - Market Optimization: $703 million versus $641.36 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -37.6% change.
View all Key Company Metrics for Ovintiv here>>>Shares of Ovintiv have returned +18.6% over the past month versus the Zacks S&P 500 composite's +5.6% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.