Ovintiv (OVV) Stock Moves -1.2%: What You Should Know

In the latest trading session, Ovintiv (OVV) closed at $59.14, marking a -1.2% move from the previous day. This change was narrower than the S&P 500's daily loss of 2.91%. At the same time, the Dow lost 2.73%, and the tech-heavy Nasdaq lost 0.25%.

Coming into today, shares of the energy company had gained 41.18% in the past month. In that same time, the Oils-Energy sector gained 16.13%, while the S&P 500 gained 0.84%.

Wall Street will be looking for positivity from Ovintiv as it approaches its next earnings report date. The company is expected to report EPS of $2.74, up 146.85% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $2.65 billion, up 56.86% from the year-ago period.

Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $9.45 per share and revenue of $10.38 billion. These totals would mark changes of +92.86% and +19.88%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for Ovintiv. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.42% higher. Ovintiv is currently sporting a Zacks Rank of #2 (Buy).

Investors should also note Ovintiv's current valuation metrics, including its Forward P/E ratio of 6.33. For comparison, its industry has an average Forward P/E of 6.33, which means Ovintiv is trading at a no noticeable deviation to the group.

The Oil and Gas - Exploration and Production - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 23, which puts it in the top 10% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow OVV in the coming trading sessions, be sure to utilize Zacks.com.

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