Ovintiv (TSE:OVV) Third Quarter 2022 Results

Key Financial Results

• Revenue: US$3.53b (up 30% from 3Q 2021).

• Net income: US$1.19b (up from US$72.0m loss in 3Q 2021).

• Profit margin: 34% (up from net loss in 3Q 2021). The move to profitability was primarily driven by higher revenue.

• EPS: US$4.70 (up from US$0.28 loss in 3Q 2021).

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 25%. Earnings per share (EPS) also surpassed analyst estimates by 82%.

Looking ahead, revenue is forecast to grow 1.1% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to remain flat.

Performance of the Canadian Oil and Gas industry.

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

Risk Analysis

Be aware that Ovintiv is showing 2 warning signs in our investment analysis that you should know about...

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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