In This Article:
The latest trading session saw Cenovus Energy (CVE) ending at $13.07, denoting a -1.13% adjustment from its last day's close. The stock's change was less than the S&P 500's daily loss of 0.91%. Elsewhere, the Dow lost 1.5%, while the tech-heavy Nasdaq lost 1.96%.
Coming into today, shares of the oil company had lost 13.03% in the past month. In that same time, the Oils-Energy sector lost 4.23%, while the S&P 500 lost 7.38%.
The upcoming earnings release of Cenovus Energy will be of great interest to investors. In that report, analysts expect Cenovus Energy to post earnings of $0.40 per share. This would mark a year-over-year decline of 13.04%. Alongside, our most recent consensus estimate is anticipating revenue of $9.53 billion, indicating a 4.11% downward movement from the same quarter last year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.63 per share and a revenue of $38.09 billion, representing changes of +33.61% and -3.95%, respectively, from the prior year.
It is also important to note the recent changes to analyst estimates for Cenovus Energy. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 9.24% higher within the past month. At present, Cenovus Energy boasts a Zacks Rank of #3 (Hold).
In terms of valuation, Cenovus Energy is currently trading at a Forward P/E ratio of 8.14. This represents a discount compared to its industry's average Forward P/E of 9.8.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 162, which puts it in the bottom 36% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.