Ovintiv (NYSE:OVV) First Quarter 2024 Results

Key Financial Results

• Revenue: US$2.33b (down 10.0% from 1Q 2023).

• Net income: US$338.0m (down 31% from 1Q 2023).

• Profit margin: 14% (down from 19% in 1Q 2023). The decrease in margin was driven by lower revenue.

• EPS: US$1.25 (down from US$1.99 in 1Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Ovintiv Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 12%. Earnings per share (EPS) also missed analyst estimates by 10%.

Looking ahead, revenue is forecast to stay flat during the next 3 years compared to a 2.1% growth forecast for the Oil and Gas industry in the US.

Performance of the American Oil and Gas industry.

The company's share price is broadly unchanged from a week ago.

Valuation

It's possible that Ovintiv could be undervalued with our 6-factor valuation analysis indicating a potential opportunity. To explore our complete evaluation click here and get an understanding of what analysts are thinking about the company's future.

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