Cenovus Energy Inc. (CVE - Free Report) reported third-quarter 2020 loss per share of 28 cents, wider than the Zacks Consensus Estimate of a loss of 3 cents. In the prior-year quarter, the integrated energy firm reported earnings of 18 cents per share.
Revenues of $2,861 million missed the Zacks Consensus Estimate of $3,216 million. Moreover, the top line declined from the year-ago $3,839 million.
The leading energy firm’s weak quarterly results were due to lower contributions from oil sands operations, partially offset by a decline in transportation and blending expenses. Notably, a weak pricing environment of commodities owing to the coronavirus pandemic hurt the company’s bottom line.
Despite the weak results, the stock gained 33.3% since the earnings announcement on Oct 29. It seems that investors are betting on the company’s strong focus on optimizing cost structures and ability to capitalize on recovering commodity prices backed by reliable and robust operations.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
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Cenovus Energy Inc. (CVE - Free Report) reported third-quarter 2020 loss per share of 28 cents, wider than the Zacks Consensus Estimate of a loss of 3 cents. In the prior-year quarter, the integrated energy firm reported earnings of 18 cents per share.
Revenues of $2,861 million missed the Zacks Consensus Estimate of $3,216 million. Moreover, the top line declined from the year-ago $3,839 million.
The leading energy firm’s weak quarterly results were due to lower contributions from oil sands operations, partially offset by a decline in transportation and blending expenses. Notably, a weak pricing environment of commodities owing to the coronavirus pandemic hurt the company’s bottom line.
Despite the weak results, the stock gained 33.3% since the earnings announcement on Oct 29. It seems that investors are betting on the company’s strong focus on optimizing cost structures and ability to capitalize on recovering commodity prices backed by reliable and robust operations.
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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