# Ovintiv Inc. (OVV)

> Source: Nexqual · https://nexqual.com/OVV · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Ovintiv Inc. (OVV), nexqual.com/OVV" · informational, not investment advice.

**Price:** USD 69.3 (-0.80% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 69.86 · day 67.98–70.69 · 52w 35.47–70.98 · market cap $19.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $9.80B, net income $920M (9.4% margin), free cash flow $2.27B (SEC filings).
- Valuation: P/E 20.8x (avg 7.8x at the last 3 fiscal year-ends), EV/EBITDA 7.1x, net debt $3.00B.
- Earnings quality: non-operating income $72.0M vs operating income $949M over the last four quarters; P/E excluding non-operating income ≈22.6x (estimate: non-operating income taxed at the company's 0% effective rate).
- 1 of 80 tracked superinvestors hold OVV (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Analysts: Buy (mean 2.04 on a 1–5 scale) (27 analysts), mean target USD 80.3 (range 65–94).
- Total return with dividends: 1Y +86.7% vs S&P 500 +14.9%; 5Y +100.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-03, EPS estimate USD 1.94, revenue estimate $2.24B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $10.5B | $14.3B | $10.9B | $9.15B | $8.91B | $9.80B |
| Operating income | $1.52B | $3.85B | $2.86B | $1.58B | $1.13B | $949M |
| Net income | $1.42B | $3.64B | $2.08B | $1.13B | $1.24B | $920M |
| EPS (diluted) | $5.32 | $14.08 | $7.90 | $4.21 | $4.78 | — |
| Free cash flow | $1.61B | $2.04B | $1.42B | $1.42B | $1.50B | $2.27B |
| Operating margin | 14.5% | 27.0% | 26.3% | 17.3% | 12.7% | 9.7% |
| Net margin | 13.5% | 25.5% | 19.2% | 12.3% | 13.9% | 9.4% |
| Revenue growth | +72.0% | +36.3% | -23.7% | -15.9% | -2.7% | — |
| Cash + short-term investments | $195M | $5.0M | $3.0M | $42.0M | $280M | — |
| Total debt | $4.79B | $3.57B | $5.74B | $5.45B | $5.20B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.8x · P/E ex non-operating (est.) ≈22.6x · P/S 2.0x · EV/EBITDA 7.1x · EV/Sales 2.3x · P/FCF 8.5x · P/B 1.7x · FCF yield 11.82% · Earnings yield 4.80% · Dividend yield (paid, TTM) 1.68% · Buyback yield (TTM) 3.07% · Net debt $3.00B · EV $22.2B
P/E at fiscal year-ends: Dec 2025 8.2x, Dec 2024 9.6x, Dec 2023 5.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold OVV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Van Den Berg Management I |  | 0.21% | $976K | Reduced -4.0% |

## Analysts
Consensus Buy (mean 2.04 on a 1–5 scale), 27 analysts; mean target USD 80.3 (low 65, high 94).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Scotiabank | Target raised | Sector Outperform | $75 → $80 |
| 2026-10-15 | Morgan Stanley | Target raised | Equal-Weight | $67 → $71 |
| 2026-10-14 | Wells Fargo | Target raised | Overweight | $79 → $82 |
| 2026-10-14 | RBC Capital | Reiterated | Outperform | $90 |
| 2026-10-13 | RBC Capital | Target raised | Outperform | $85 → $90 |
| 2026-10-12 | Truist Securities | Target raised | Buy | $73 → $77 |
| 2026-10-09 | CIBC | Target raised | Neutral | $65 → $75 |
| 2026-10-02 | Scotiabank | Target raised | Sector Outperform | $70 → $75 |
| 2026-09-03 | Seaport Global | Initiated | Neutral |  |
| 2026-09-02 | Wells Fargo | Target raised | Overweight | $78 → $79 |
| 2026-08-13 | Wells Fargo | Target lowered | Overweight | $80 → $78 |
| 2026-07-28 | UBS | Target raised | Buy | $71 → $74 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +86.7% | +100.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +87.1% | +14.9% |
| Volatility (annualized) | 35.4% | 44.3% |
| Max drawdown | -17.2% (May 2026→Jul 2026) | -43.2% (Jun 2022→May 2023) |

## Peers (Oil & Gas E&P)
PR (Permian Resources Corporation) USD 24.4 -1.77% · APA (APA Corporation) USD 49.44 -0.38% · EXE (Expand Energy Corporation) USD 92.96 +0.14% · TPL (Texas Pacific Land Corporation) USD 333.67 -3.09% · AR (Antero Resources Corporation) USD 39.04 +1.38% · EQT (EQT Corporation) USD 54.67 +1.11%

## More
Full page: https://nexqual.com/OVV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in OVV's own 10-K filed 2026-02-23 (https://www.sec.gov/Archives/edgar/data/1792580/000119312526064309/ovv-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | PEMBINA PIPELINE CORP (PBA) | "On December 15, 2025, the Company announced it had entered an agreement with a subsidiary of Pembina Pipeline Corporation for approximately 67 MMcf/d of natural gas liquefaction capacity at the Cedar LNG facility ("Cedar…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Usa Operations Excluding Intercompany Segment Transactions | $1.78B | 58.9% | +17.3% | — | — |
| Usa Operations | $1.67B | 55.5% | +9.8% | $589.0M | 35.2% |
| Canadian Operations | $1.13B | 37.5% | +56.2% | $333.0M | 29.4% |
| Canadian Operations Excluding Intercompany Segment Transactions | $1.10B | 36.4% | +56.6% | — | — |
| Corporate costs (not allocated) | — | — | — | $72.0M | — |
| Total revenue | $3.01B | 100% | — | $994.0M | 33.0% |
The lines above cover 188.4% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.94 | $1.87 | +4.2% | $2.24B | 19 |
| Next quarter (ends 2026-12-31) | $2.30 | $1.96 | +17.4% | $2.41B | 18 |
| Current fiscal year (ends 2026-12-31) | $8.20 | $7.18 | +14.1% | $10.12B | 22 |
| Next fiscal year (ends 2027-12-31) | $8.27 | $7.05 | +17.3% | $9.13B | 22 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-03): ±9.3%; last 8 reports averaged ±2.5%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 41.0% | ±9.3% |
| 2026-12-18 | 56 | 39.5% | ±12.6% |
| 2027-01-15 | 84 | 38.7% | ±14.9% |
| 2027-03-19 | 147 | 39.2% | ±19.6% |
| 2027-04-16 | 175 | 38.5% | ±21.2% |
| 2027-05-21 | 210 | 38.8% | ±23.4% |
| 2027-08-20 | 301 | 39.1% | ±28.0% |
| 2027-11-19 | 392 | 38.6% | ±31.4% |