What's In The Offing For Ovintiv (OVV) Stock In Q4 Earnings?
Zacks Investment Research | Feb 13, 2020 10:38PM ET
Ovintiv Inc. (NYSE:OVV) is set to release fourth-quarter 2019 results after the closing bell on Wednesday, Feb 19. The current Zacks Consensus Estimate for the to-be-reported quarter is a profit of 81 cents per share on revenues of $1.9 billion.
Let’s delve into the factors that might have influenced the company’s performance in the December quarter. But it’s worth taking a look at Ovintiv’s previous quarter performance first.
Highlights of Q3 Earnings & Surprise History
In the last reported quarter, the Denver, CO-based company beat the consensus mark on expanded production volumes in the Permian and Anadarko Basins. Ovintiv reported operating earnings of 75 cents per share that surpassed the Zacks Consensus Estimate by 5 cents. However, the bottom line was lower than the year-ago figure of 85 cents due to modest crude oil price realizations. Meanwhile, total revenues came in at $1.9 billion, surpassing the Zacks Consensus Estimate of $1.7 million and also increasing from the year-ago level of $1.26 billion.
As far as earnings surprises are concerned, the oil and natural gas producer – earlier known as Encana – is on an excellent footing, having gone past the Zacks Consensus Estimate in each of the last four reports, with the average positive surprise being 49.81%. This is depicted in the graph below:
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