WHAT IS OVV?
OVV is the short name for the company Ovintiv Inc. It is a well-known energy producer that is totally focused on developing its multi-basin portfolio of natural gas, oil, and natural gas liquids producing a lot of plays. This Company’s operations also include the marketing of natural gas, oil and NGL know the abbreviation for Natural Gas Liquids. It is known to operate through three segments in different forms: Canadian Operations, USA Operations, and Market optimization. Its Canadian Operations segment includes the exploration for and the development of and production of natural gas oil and NGLs and other related activities within Canada only as per permissions.
Its Canadian operations include Montney in northeast British Columbia and northwest Alberta and Duvernay in west-central Alberta as per sources. The USA Operations include the exploration for and the development of and production of natural gas, oil, and NGLs, and all the other related activities within the United States as per taken permissions. The Market Optimization activities are primarily and usually solely responsible for the sale of the Company’s production to all of its third-party customers. The analyst base the company’s rating to 3.57% for Strong Buy, 17.86% for Buy, 64.29% for Hold, 7.14% for Underperform, and 7.14% for Sell.
The average NYSE: OVV stock price at https://www.webull.com/quote/nyse-ovv target is 14.43 with a good high estimate of 105.00 and a plausible low estimate of 3.500. The USB maintenancebuys on Ovintiv has raised the price target from $10 to $17. The total workforce post all these redundancies is slimmed down to 2100 with a total split down of 1900 working as employees and 200 workings as contractors. In a bid to rebound from the massive fall in commodity prices due to the massive coronavirus outbreak, Ovintiv Inc. OVV is trying its best to trim its workforce by nearly 25% which indicates an approximate cutback of 650 from its total staff strength of 2,600 in Canada and the United States combined.
This kind of strategic movehas come within a little over a year of the company’s announcement to retrench 470 employees and slash its executive leadership team by a percent of 35. The lay-offs are quite effective even today and happen at a time when the company braces itself for more anticipated modest growth in the oil demand in these countries. Management at this company was formerly known as Encana Corporation has uprightly confirmed that its total headcount is now reduced to 2,100 comprising 1,900 working personnel and 200 working contractors. You can check real time stock quotes at the stock trading app. Disclaimer: The analysis information is for reference only and does not constitute an investment recommendation.