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North American oil and gas producer with acreage in the Permian, Anadarko and Montney (Canada) plays.
North American oil and gas producer with acreage in the Permian, Anadarko and Montney (Canada) plays.
Sells oil, natural-gas liquids and gas at market prices, shifting capital between basins to follow the best returns, so its output mix and prices set revenue. It was Canada's Encana until it moved its base to the US and renamed itself Ovintiv in 2020.
Moat: narrow (cost advantage, scale). Multi-basin, cross-border acreage gives flexibility to allocate capital to the best returns.
Headquarters: Denver, Colorado, US · Founded: 2020 · Employees: 1,465
Size Ovintiv (OVV) is a United States Energy company (Integrated Oil) with a market value of $16.3B, the 567th largest of 3,117 United States companies the cockpit tracks. Shares closed at $60.52 on 6 Nov 2026.
Performance Over six months the shares gained 4.7%, against -1.2% for the median peer and -1.1% for the United States market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue grew 14.1% over the last twelve months (peer median +12.8%); the operating margin is 29.3% (peer median 32.2%).
Valuation It trades at 7.1× forward earnings against a peer median of 7.6× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -11% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.0 points above its cost of capital (7.2% WACC).
Credit Ovintiv has 6 bonds outstanding ($2.54B), rated BBB- by the agencies and trading like BBB at a weighted spread of 109 bp.
Short interest Short interest is 4.6% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $10.1B | $8.74B | $9.02B | $10.7B | $14.3B |
| Revenue growth | — | -3% | -16% | -25% | — |
| Gross profit | $3.62B | $2.50B | $2.59B | $3.45B | $6.56B |
| EBITDA | $5.16B | $4.10B | $4.20B | $4.65B | $6.85B |
| Net income | $1.32B | $1.24B | $1.12B | $2.08B | $3.64B |
| Free cash flow | $2.47B | $1.50B | $1.42B | $1.42B | $2.04B |
| Capital expenditure | $2.17B | $2.15B | $2.30B | $2.74B | $1.83B |
| Total debt | $5.07B | $6.42B | $6.29B | $6.68B | $4.49B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ovintiv OVV | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% |
| Devon Energy DVN | $46.4B | -7% | +18% | 24% | 7.6× | 0.9% |
| ARC Resources ARX.TO | n/a | +29% | n/a | n/a | n/a | n/a |
| Canadian Natural Resources CNQ.TO | $101B | +12% | +18% | 27% | 10.3× | 2.8% |
| Diamondback Energy FANG | $50.0B | -5% | +21% | 39% | 7.9× | -5.6% |
| EOG Resources EOG | $77.2B | +13% | +17% | 35% | 8.3× | -13.5% |
| Permian Resources PR | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% |
| Matador Resources MTDR | $6.24B | -9% | +13% | 39% | 5.0× | n/a |
| Tourmaline Oil TOU.TO | $17.5B | -3% | +4% | 1% | 11.9× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | OVV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | -5.4% | 9th highest of 21 |
| 6-month return | +4.7% | -1.2% | 7th highest of 21 |
| Distance from 52-week high | -17.8% | -21.2% | 9th highest of 21 |
| Revenue growth (TTM) | +14.1% | +12.8% | 10th highest of 21 |
| Operating margin | 29.3% | 32.2% | 11th highest of 21 |
| Forward P/E | 7.1× | 7.6× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -10.9% | -12.0% | 9th most demanding of 19 |
| Growth delivered (Del g) | +9.4% | +18.4% | 3rd lowest of 19 |
| Hurdle (Req g minus delivered) | -20.2 pp | -29.3 pp | 4th most demanding of 19 |
| ROIC minus cost of capital | +7.0 pp | +4.9 pp | 10th highest of 21 |
| EV / EBITDA | 4.1× | 3.9× | 8th most expensive of 19 |
| Net debt / EBITDA | 0.9× | 0.8× | 8th most indebted of 19 |
| Bond spread | 109 bp | 103 bp | 4th widest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ovintiv OVV | United States | $16.3B | +5% | +14% | 29% | 7.1× | -10.9% | +9.4% |
| APA APA | United States | $15.6B | +26% | -12% | 41% | 7.5× | -20.0% | +15.0% |
| YPF SA Sponsored ADR YPF | United States | $17.8B | -9% | -14% | 22% | 4.9× | n/a | n/a |
| Permian Resources PR | United States | $18.2B | +10% | +13% | 36% | 8.1× | -2.0% | +54.2% |
| Whitecap Resources WCP.TO | Canada | $14.4B | +6% | +73% | 38% | 8.8× | -7.1% | +44.8% |
| Expand Energy EXE | United States | $19.5B | -11% | +20% | 20% | 10.8× | -7.6% | +20.3% |
| Var Energi VAR.OL | Norway | $13.3B | +7% | +48% | 55% | 6.9× | -19.6% | +26.6% |
| Aker BP AKRBP.OL | Norway | $21.6B | -8% | +4% | 70% | 7.8× | -15.4% | +32.7% |
| Indian Oil IOC.NS | India | $21.9B | 0% | +23% | 7% | 20.8× | -2.3% | +16.4% |
| Inpex 1605.T | Japan | $25.9B | -16% | -8% | 49% | 7.4× | -14.4% | +21.1% |
| Oil & Natural Gas ONGC.NS | India | $30.8B | -18% | +7% | 9% | 5.6× | -12.6% | +14.9% |
| EQT EQT | United States | $30.9B | -12% | +18% | 42% | 16.0× | -1.9% | +25.7% |
| Ecopetrol SA Sponsored ADR EC | United States | $32.6B | +23% | +6% | 22% | 6.5× | -6.7% | +15.9% |
| Oil India OIL.NS | India | $7.60B | -2% | +20% | 29% | 7.7× | -1.1% | +13.7% |
| Chord Energy CHRD | United States | $7.47B | 0% | +19% | 19% | 6.3× | -13.4% | +38.6% |
| Repsol REP.MC | Spain | $36.2B | +34% | +24% | 13% | 4.7× | -20.1% | +10.5% |
| SM Energy SM | United States | $7.12B | +2% | +100% | 38% | 3.5× | -13.6% | +22.9% |
| National Fuel Gas NFG | United States | $6.98B | -8% | +13% | 37% | 10.2× | -6.2% | +9.1% |
| Guanghui Energy 600256.SS | China | $6.47B | 0% | -5% | 18% | 10.1× | -11.4% | +14.9% |
| CNOOC Energy Technology & Services 600968.SS | China | $6.25B | -7% | -1% | 9% | 9.7× | -14.2% | +8.7% |
| Matador Resources MTDR | United States | $6.24B | -9% | +13% | 39% | 5.0× | n/a | n/a |
Ovintiv has 6 bonds outstanding with $2.54B face value. The agencies rate it BBB-; its bonds trade like BBB. Weighted yield 5.98%, a spread of 109 bp over government bonds.