We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Cenovus (CVE) to Report Q1 Earnings: What's in the Cards?
Read MoreHide Full Article
Cenovus Energy Inc. (CVE - Free Report) is set to report first-quarter 2022 results on Apr 27, before the opening bell.
In the last reported quarter, the leading integrated energy company reported earnings per share of 43 cents, beating the Zacks Consensus Estimate of 41 cents, owing to higher daily oil sand production, and increased contributions from Christina Lake and Foster Creek operations.
Cenovus’ bottom line missed the Zacks Consensus Estimate in three of the prior four quarters and beat the same once, the average negative surprise being 34.8%. This is depicted in the graph below:
Let’s see how things have shaped up prior to this announcement.
Estimate Trend
The Zacks Consensus Estimate for first-quarter earnings per share of 83 cents has witnessed one upward revision and no downward movement in the past 30 days. The estimated figure suggests a 937.5% increase from the prior year’s reported number.
Factors to Consider
In the March-end quarter of 2022, oil prices were significantly higher than the year-ago comparable quarter. The massive improvement was owing to Russia’s aggressive and unprovoked invasion of Ukraine. Being involved in exploration activities in Canada, the company’s upstream operations are likely to have been aided by the favorable commodity price scenario in the to-be-reported quarter.
The demand for refined petroleum products improved drastically in the first quarter since economies have opened up. Hence, improving fuel demand has also aided refining and processing activities. Cenovus is likely to have been backed by the favorable downstream business since it has a vast network of upgraders and refineries.
Although rising oil prices are favorable for both upstream and downstream activities, it is expected to have increased field development costs, hurting the bottom line.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Cenovus this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here as you will see below.
Earnings ESP: The company’s Earnings ESP is 0.00% as both the Most Accurate Estimate and the Zacks Consensus Estimate for earnings are pegged at 83 cents per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Cenovus currently sports a Zacks Rank #1.
Stocks to Consider
Here are some companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Chevron is scheduled to release first-quarter results on Apr 29. The Zacks Consensus Estimate for CVX’s quarterly earnings is pegged at $3.36 per share, suggesting a massive improvement from the prior-year figure.
Matador Resources Company (MTDR - Free Report) has an Earnings ESP of +3.3% and is a Zacks #1 Ranked player at present.
Matador is scheduled to release the first-quarter results on Apr 26. The Zacks Consensus Estimate for MTDR’s quarterly earnings is pegged at $2.02 per share, suggesting a significant increase from the prior-year reported figure.
W&T Offshore, Inc. (WTI - Free Report) has an Earnings ESP of +12.20% and is a Zacks #3 Ranked player at present.
W&T Offshore is scheduled to release the first-quarter results on May 3. The Zacks Consensus Estimate for WTI’s quarterly earnings is pegged at 21 cents per share, suggesting an increase of 91% from the prior-year reported figure.
Image: Bigstock
Cenovus (CVE) to Report Q1 Earnings: What's in the Cards?
Cenovus Energy Inc. (CVE - Free Report) is set to report first-quarter 2022 results on Apr 27, before the opening bell.
In the last reported quarter, the leading integrated energy company reported earnings per share of 43 cents, beating the Zacks Consensus Estimate of 41 cents, owing to higher daily oil sand production, and increased contributions from Christina Lake and Foster Creek operations.
Cenovus’ bottom line missed the Zacks Consensus Estimate in three of the prior four quarters and beat the same once, the average negative surprise being 34.8%. This is depicted in the graph below:
Cenovus Energy Inc Price and EPS Surprise
Cenovus Energy Inc price-eps-surprise | Cenovus Energy Inc Quote
Let’s see how things have shaped up prior to this announcement.
Estimate Trend
The Zacks Consensus Estimate for first-quarter earnings per share of 83 cents has witnessed one upward revision and no downward movement in the past 30 days. The estimated figure suggests a 937.5% increase from the prior year’s reported number.
Factors to Consider
In the March-end quarter of 2022, oil prices were significantly higher than the year-ago comparable quarter. The massive improvement was owing to Russia’s aggressive and unprovoked invasion of Ukraine. Being involved in exploration activities in Canada, the company’s upstream operations are likely to have been aided by the favorable commodity price scenario in the to-be-reported quarter.
The demand for refined petroleum products improved drastically in the first quarter since economies have opened up. Hence, improving fuel demand has also aided refining and processing activities. Cenovus is likely to have been backed by the favorable downstream business since it has a vast network of upgraders and refineries.
Although rising oil prices are favorable for both upstream and downstream activities, it is expected to have increased field development costs, hurting the bottom line.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Cenovus this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here as you will see below.
Earnings ESP: The company’s Earnings ESP is 0.00% as both the Most Accurate Estimate and the Zacks Consensus Estimate for earnings are pegged at 83 cents per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Cenovus currently sports a Zacks Rank #1.
Stocks to Consider
Here are some companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Chevron Corporation (CVX - Free Report) has an Earnings ESP of +2.88% and is a Zacks #2 Ranked player at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chevron is scheduled to release first-quarter results on Apr 29. The Zacks Consensus Estimate for CVX’s quarterly earnings is pegged at $3.36 per share, suggesting a massive improvement from the prior-year figure.
Matador Resources Company (MTDR - Free Report) has an Earnings ESP of +3.3% and is a Zacks #1 Ranked player at present.
Matador is scheduled to release the first-quarter results on Apr 26. The Zacks Consensus Estimate for MTDR’s quarterly earnings is pegged at $2.02 per share, suggesting a significant increase from the prior-year reported figure.
W&T Offshore, Inc. (WTI - Free Report) has an Earnings ESP of +12.20% and is a Zacks #3 Ranked player at present.
W&T Offshore is scheduled to release the first-quarter results on May 3. The Zacks Consensus Estimate for WTI’s quarterly earnings is pegged at 21 cents per share, suggesting an increase of 91% from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.