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Research Alert: Ovv: A Q1 Eps Beat And Strategic Repositioning Complete

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

OVV posted Q1 adjusted EPS of $2.00 vs. $1.42, beating consensus by $0.17, driven by strong volume growth. Total production rose 15% Y/Y to 678,900 boe/d, with oil/condensate up 9.5% and natural gas up 20%, all at the high end of guidance. OVV's strategic repositioning is complete, having closed the NuVista acquisition for ~$2.8B and Anadarko divestiture for ~$2.85B, streamlining operations into two core assets: the liquids-focused Permian Basin and natural gas-focused Montney play in Western Canada. The company guides 2026 production at 620-645k boe/d, excluding divested Anadarko volumes. The Permian delivered 221k boe/d with plans for $1.35B capex and 125-135 net wells in 2026, while Montney produced 365k boe/d enhanced by NuVista's 100k boe/d addition. The Anadarko sale significantly strengthened the balance sheet, with net debt declining 40% to below $3.3B and Net Debt to Adjusted EBITDA improving to below 0.8x. OVV returned $84M via buybacks in Q1 and $180M YTD.

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