undefined undefined/iStock via Getty Images

undefined undefined/iStock via Getty Images

Ovintiv (OVV) released Q1 results after the market close Monday, missing Street expectations while lifting capital spending guidance and lowering production expectations:

Ovintiv (OVV) cited similar headwinds to production and spend as peers in the space; however, peers have generally not cut annual production guidance as a result. Further, the peers that have lifted capex guides have lifted them far less than Ovintiv (OVV). The earnings miss, relatively weak shareholder return, and poor guidance are unlikely to be rewarded by the market. With the Street almost unanimously bullish the name, downgrades could be in the cards.