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 Energy (CVE) Gains But Lags Market: What You Should Know
Read MoreHide Full Article
Cenovus Energy (CVE - Free Report) closed the most recent trading day at $19.09, moving +1.06% from the previous trading session. This change lagged the S&P 500's 1.19% gain on the day. Elsewhere, the Dow gained 1.34%, while the tech-heavy Nasdaq lost 0.2%.
Prior to today's trading, shares of the oil company had gained 22.26% over the past month. This has outpaced the Oils-Energy sector's gain of 8.42% and the S&P 500's loss of 0.84% in that time.
Investors will be hoping for strength from Cenovus Energy as it approaches its next earnings release, which is expected to be November 2, 2022. On that day, Cenovus Energy is projected to report earnings of $0.88 per share, which would represent year-over-year growth of 319.05%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $10.42 billion, down 2.3% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.16 per share and revenue of $46.2 billion, which would represent changes of +290.12% and +22.59%, respectively, from the prior year.
Any recent changes to analyst estimates for Cenovus Energy should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 7.43% lower. Cenovus Energy is currently sporting a Zacks Rank of #5 (Strong Sell).
Looking at its valuation, Cenovus Energy is holding a Forward P/E ratio of 5.98. This valuation marks a discount compared to its industry's average Forward P/E of 6.13.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 49, putting it in the top 20% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Cenovus Energy (CVE) Gains But Lags Market: What You Should Know
Cenovus Energy (CVE - Free Report) closed the most recent trading day at $19.09, moving +1.06% from the previous trading session. This change lagged the S&P 500's 1.19% gain on the day. Elsewhere, the Dow gained 1.34%, while the tech-heavy Nasdaq lost 0.2%.
Prior to today's trading, shares of the oil company had gained 22.26% over the past month. This has outpaced the Oils-Energy sector's gain of 8.42% and the S&P 500's loss of 0.84% in that time.
Investors will be hoping for strength from Cenovus Energy as it approaches its next earnings release, which is expected to be November 2, 2022. On that day, Cenovus Energy is projected to report earnings of $0.88 per share, which would represent year-over-year growth of 319.05%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $10.42 billion, down 2.3% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $3.16 per share and revenue of $46.2 billion, which would represent changes of +290.12% and +22.59%, respectively, from the prior year.
Any recent changes to analyst estimates for Cenovus Energy should also be noted by investors. These revisions typically reflect the latest short-term business trends, which can change frequently. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection has moved 7.43% lower. Cenovus Energy is currently sporting a Zacks Rank of #5 (Strong Sell).
Looking at its valuation, Cenovus Energy is holding a Forward P/E ratio of 5.98. This valuation marks a discount compared to its industry's average Forward P/E of 6.13.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 49, putting it in the top 20% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.