Ovintiv Third Quarter 2024 Earnings: Beats Expectations

Ovintiv (NYSE:OVV) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$2.31b (down 21% from 3Q 2023).
• Net income: US$507.0m (up 25% from 3Q 2023).
• Profit margin: 22% (up from 14% in 3Q 2023). The increase in margin was driven by lower expenses.
• EPS: US$1.93 (up from US$1.48 in 3Q 2023).

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

Ovintiv Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 7.9%. Earnings per share (EPS) also surpassed analyst estimates by 58%.

Looking ahead, revenue is expected to decline by 2.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in the US are expected to grow by 3.1%.

Performance of the American Oil and Gas industry.

The company's shares are up 11% from a week ago.

Valuation

Ovintiv's financial results now indicate the company's shares could present an opportunity based on 6 important indicators. Discover what analysts are forecasting and how the current share price shapes up by clicking here.

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