Ovintiv Stock Market Value
| OVV Stock | CAD 62.14 1.67 2.62% |
| Symbol | Ovintiv |
Ovintiv Price To Book Ratio
Ovintiv 'What if' Analysis
In the world of financial modeling, what-if analysis is part of sensitivity analysis performed to test how changes in assumptions impact individual outputs in a model. When applied to Ovintiv's stock what-if analysis refers to the analyzing how the change in your past investing horizon will affect the profitability against the current market value of Ovintiv.
| 12/08/2023 |
| 12/02/2024 |
If you would invest 0.00 in Ovintiv on December 8, 2023 and sell it all today you would earn a total of 0.00 from holding Ovintiv or generate 0.0% return on investment in Ovintiv over 360 days. Ovintiv is related to or competes with Cenovus Energy, Vermilion Energy, MEG Energy, and Tourmaline Oil. Ovintiv Inc., together with its subsidiaries, engages in the exploration, development, production, and marketing of natu... More
Ovintiv Upside/Downside Indicators
Understanding different market momentum indicators often help investors to time their next move. Potential upside and downside technical ratios enable traders to measure Ovintiv's stock current market value against overall market sentiment and can be a good tool during both bulling and bearish trends. Here we outline some of the essential indicators to assess Ovintiv upside and downside potential and time the market with a certain degree of confidence.
| Downside Deviation | 2.17 | |||
| Information Ratio | 0.0159 | |||
| Maximum Drawdown | 9.61 | |||
| Value At Risk | (3.77) | |||
| Potential Upside | 4.52 |
Ovintiv Market Risk Indicators
Today, many novice investors tend to focus exclusively on investment returns with little concern for Ovintiv's investment risk. Other traders do consider volatility but use just one or two very conventional indicators such as Ovintiv's standard deviation. In reality, there are many statistical measures that can use Ovintiv historical prices to predict the future Ovintiv's volatility.| Risk Adjusted Performance | 0.0651 | |||
| Jensen Alpha | 0.1659 | |||
| Total Risk Alpha | (0.22) | |||
| Sortino Ratio | 0.0166 | |||
| Treynor Ratio | (9.35) |
Ovintiv Backtested Returns
Ovintiv appears to be very steady, given 3 months investment horizon. Ovintiv maintains Sharpe Ratio (i.e., Efficiency) of 0.0866, which implies the firm had a 0.0866% return per unit of risk over the last 3 months. We have found twenty-eight technical indicators for Ovintiv, which you can use to evaluate the volatility of the company. Please evaluate Ovintiv's Semi Deviation of 2.06, risk adjusted performance of 0.0651, and Coefficient Of Variation of 1307.08 to confirm if our risk estimates are consistent with your expectations. On a scale of 0 to 100, Ovintiv holds a performance score of 6. The company holds a Beta of -0.0175, which implies not very significant fluctuations relative to the market. As returns on the market increase, returns on owning Ovintiv are expected to decrease at a much lower rate. During the bear market, Ovintiv is likely to outperform the market. Please check Ovintiv's total risk alpha, expected short fall, price action indicator, as well as the relationship between the value at risk and daily balance of power , to make a quick decision on whether Ovintiv's historical price patterns will revert.
Auto-correlation | -0.73 |
Almost perfect reverse predictability
Ovintiv has almost perfect reverse predictability. Overlapping area represents the amount of predictability between Ovintiv time series from 8th of December 2023 to 5th of June 2024 and 5th of June 2024 to 2nd of December 2024. The more autocorrelation exist between current time interval and its lagged values, the more accurately you can make projection about the future pattern of Ovintiv price movement. The serial correlation of -0.73 indicates that around 73.0% of current Ovintiv price fluctuation can be explain by its past prices.
| Correlation Coefficient | -0.73 | |
| Spearman Rank Test | -0.26 | |
| Residual Average | 0.0 | |
| Price Variance | 18.14 |
Ovintiv lagged returns against current returns
Autocorrelation, which is Ovintiv stock's lagged correlation, explains the relationship between observations of its time series of returns over different periods of time. The observations are said to be independent if autocorrelation is zero. Autocorrelation is calculated as a function of mean and variance and can have practical application in predicting Ovintiv's stock expected returns. We can calculate the autocorrelation of Ovintiv returns to help us make a trade decision. For example, suppose you find that Ovintiv has exhibited high autocorrelation historically, and you observe that the stock is moving up for the past few days. In that case, you can expect the price movement to match the lagging time series.
Current and Lagged Values |
| Timeline |
Ovintiv regressed lagged prices vs. current prices
Serial correlation can be approximated by using the Durbin-Watson (DW) test. The correlation can be either positive or negative. If Ovintiv stock is displaying a positive serial correlation, investors will expect a positive pattern to continue. However, if Ovintiv stock is observed to have a negative serial correlation, investors will generally project negative sentiment on having a locked-in long position in Ovintiv stock over time.
Current vs Lagged Prices |
| Timeline |
Ovintiv Lagged Returns
When evaluating Ovintiv's market value, investors can use the concept of autocorrelation to see how much of an impact past prices of Ovintiv stock have on its future price. Ovintiv autocorrelation represents the degree of similarity between a given time horizon and a lagged version of the same horizon over the previous time interval. In other words, Ovintiv autocorrelation shows the relationship between Ovintiv stock current value and its past values and can show if there is a momentum factor associated with investing in Ovintiv.
Regressed Prices |
| Timeline |
Pair Trading with Ovintiv
One of the main advantages of trading using pair correlations is that every trade hedges away some risk. Because there are two separate transactions required, even if Ovintiv position performs unexpectedly, the other equity can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Ovintiv will appreciate offsetting losses from the drop in the long position's value.Moving together with Ovintiv Stock
Moving against Ovintiv Stock
| 0.83 | DII-B | Dorel Industries | PairCorr |
| 0.74 | TC | Tucows Inc | PairCorr |
| 0.59 | SLF-PH | Sun Lif Non | PairCorr |
| 0.5 | AIM | Aimia Inc | PairCorr |
| 0.43 | SAGE | Sage Potash Corp | PairCorr |
The ability to find closely correlated positions to Ovintiv could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Ovintiv when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Ovintiv - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Ovintiv to buy it.
The correlation of Ovintiv is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Ovintiv moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Ovintiv moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Correlation analysis and pair trading evaluation for Ovintiv can also be used as hedging techniques within a particular sector or industry or even over random equities to generate a better risk-adjusted return on your portfolios.Check out Ovintiv Correlation, Ovintiv Volatility and Ovintiv Alpha and Beta module to complement your research on Ovintiv. To learn how to invest in Ovintiv Stock, please use our How to Invest in Ovintiv guide.You can also try the Global Correlations module to find global opportunities by holding instruments from different markets.
Ovintiv technical stock analysis exercises models and trading practices based on price and volume transformations, such as the moving averages, relative strength index, regressions, price and return correlations, business cycles, stock market cycles, or different charting patterns.