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Ovintiv Inc Up 3.18% To $47.53 After Earnings Beat

Wednesday, February 28, 2024 11:13 AM | InvestorsObserver Analysts

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Ovintiv Inc Up 3.18% To $47.53 After Earnings Beat

Ovintiv Inc (OVV) said after close Tuesday that it earned $2.35 per share in quarter four 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.

On the revenue line, the company reported $3.2 billion, beating estimates by $466 million.

In the same quarter a year ago, the company earned $0.91 per share on revenue of $3.2 billion.

The stock is up 3.18% to $47.53 after the report.

Despite Ovintiv Inc reporting a decline in revenues, earnings increased signaling a rise in profit margins.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.

Ovintiv Inc has performed a little below average during the past few months. Before the report, Ovintiv Inc received a Long-Term Technical Rank by InvestorsObserver of 26, putting it in the bottom half of stocks. The firm set a 52-week high on October 19, 2023 at $51.6 and set a 52-week low on May 16, 2023 at $32.07.

Ovintiv Inc. is a leading North American exploration and production (E&P) company focused on developing its high-quality, multi-basin portfolio. Ovintiv works to safely produce crude oil and natural gas-products that make modern life possible for all. The Company is focused on creating long-term shareholder value while contributing to the strength and sustainability of the communities where it operates. Shares of Ovintiv common stock trade on the New York and Toronto stock exchanges under the symbol OVV.

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