Ovintiv Q1 2024 Adj EPS $1.43 Beats $1.36 Estimate, Sales $2.352B Miss $2.467B Estimate
Portfolio Pulse from Benzinga Newsdesk
Ovintiv (NYSE:OVV) reported Q1 2024 adjusted EPS of $1.43, surpassing the $1.36 estimate, but its sales of $2.352B fell short of the $2.467B estimate. This represents a 21.43% decrease in earnings and a 7.80% decrease in sales from the same period last year.
May 07, 2024 | 9:48 pm
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NEUTRAL IMPACT
Ovintiv reported a mixed Q1 2024 with EPS beating estimates but sales missing expectations, alongside a year-over-year decrease in both earnings and sales.
The mixed results with an EPS beat but a miss on sales, coupled with a decrease in both earnings and sales from the previous year, suggest a neutral short-term impact on OVV's stock price. The beat on EPS may provide some positive sentiment, but the miss on sales and the year-over-year declines could temper any potential gains.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100