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Cenovus Energy (CVE) Stock Moves -0.87%: What You Should Know
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In the latest trading session, Cenovus Energy (CVE - Free Report) closed at $19.33, marking a -0.87% move from the previous day. This change was narrower than the S&P 500's daily loss of 0.88%. Elsewhere, the Dow lost 0.73%, while the tech-heavy Nasdaq lost 4.59%.
Heading into today, shares of the oil company had gained 5.69% over the past month, outpacing the Oils-Energy sector's gain of 2% and lagging the S&P 500's gain of 5.83% in that time.
Investors will be hoping for strength from Cenovus Energy as it approaches its next earnings release, which is expected to be February 16, 2023. On that day, Cenovus Energy is projected to report earnings of $0.59 per share, which would represent year-over-year growth of 37.21%. Our most recent consensus estimate is calling for quarterly revenue of $9.77 billion, down 10.31% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Cenovus Energy. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 9.82% lower within the past month. Cenovus Energy currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Cenovus Energy is currently trading at a Forward P/E ratio of 8.84. This valuation marks a premium compared to its industry's average Forward P/E of 8.71.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 54, which puts it in the top 22% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CVE in the coming trading sessions, be sure to utilize Zacks.com.
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Cenovus Energy (CVE) Stock Moves -0.87%: What You Should Know
In the latest trading session, Cenovus Energy (CVE - Free Report) closed at $19.33, marking a -0.87% move from the previous day. This change was narrower than the S&P 500's daily loss of 0.88%. Elsewhere, the Dow lost 0.73%, while the tech-heavy Nasdaq lost 4.59%.
Heading into today, shares of the oil company had gained 5.69% over the past month, outpacing the Oils-Energy sector's gain of 2% and lagging the S&P 500's gain of 5.83% in that time.
Investors will be hoping for strength from Cenovus Energy as it approaches its next earnings release, which is expected to be February 16, 2023. On that day, Cenovus Energy is projected to report earnings of $0.59 per share, which would represent year-over-year growth of 37.21%. Our most recent consensus estimate is calling for quarterly revenue of $9.77 billion, down 10.31% from the year-ago period.
Investors should also note any recent changes to analyst estimates for Cenovus Energy. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 9.82% lower within the past month. Cenovus Energy currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Cenovus Energy is currently trading at a Forward P/E ratio of 8.84. This valuation marks a premium compared to its industry's average Forward P/E of 8.71.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 54, which puts it in the top 22% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow CVE in the coming trading sessions, be sure to utilize Zacks.com.