Is Ovintiv, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Ovintiv, Inc. has moved from attractive to very expensive, indicating a shift towards overvaluation. The company appears overvalued based on its P/E ratio of 6, which is significantly lower than the peer Antero Resources Corp. at 17.26, and its EV to EBITDA ratio of 3.62, which is also lower than the peer Range Resources Corp. at 9.02. Additionally, the Price to Book Value stands at 0.98, suggesting that the market is valuing the company below its book value.
In comparison to the S&P 500, Ovintiv has underperformed across multiple time frames, with a year-to-date return of -11.19% compared to the S&P 500's 13.30%. This underperformance reinforces the notion that Ovintiv is currently overvalued, particularly given its recent price fluctuations and the significant disparity in valuation ratios relative to its peers.