Ovintiv Inc (OVV)

Total asset turnover

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019
Revenue (ttm)	US$ in thousands	10,883,000	10,929,000	11,829,000	13,048,000	12,464,000	12,591,000	10,831,000	8,787,000	8,658,000	6,847,000	6,248,000	5,282,000	6,087,000	6,124,000
Total assets	US$ in thousands	19,987,000	19,900,000	19,519,000	15,123,000	15,056,000	14,374,000	14,923,000	14,900,000	14,055,000	13,636,000	13,767,000	14,534,000	14,469,000	15,157,000	16,795,000	21,505,000	21,487,000
Total asset turnover		0.54	0.55	0.61	0.86	0.83	0.88	0.73	0.59	0.62	0.50	0.45	0.36	0.42	0.40

December 31, 2023 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $10,883,000K ÷ $19,987,000K
= 0.54

Ovintiv Inc's total asset turnover has been fluctuating over the past eight quarters, ranging from 0.54 to 0.86. A decreasing trend is observed from Q1 2022 to Q4 2023, indicating that the company is generating less revenue for each dollar invested in assets. The highest turnover ratio in Q1 2023 suggests that the company was more efficient in utilizing its assets to generate revenue during that period. Overall, the varying total asset turnover ratios reflect changes in the company's operational efficiency and its ability to maximize revenue generation from its asset base.