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Cenovus (CVE) to Report Q3 Earnings: What's in the Cards?
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Cenovus Energy Inc. (CVE - Free Report) is set to report third-quarter 2022 results on Nov 2, before the opening bell.
In the last reported quarter, the leading integrated energy company’s earnings per share of 93 cents beat the Zacks Consensus Estimate of earnings of 89 cents, owing to higher daily oil sand production.
In the trailing four quarters, Cenovus’ bottom line beat the Zacks Consensus Estimate twice and missed the same twice, the average negative surprise being 8.9%. 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 Cenovus’ third-quarter earnings per share of 78 cents has witnessed no upward revision and two downward movements in the past 30 days. The estimate suggests a 271.4% increase from the prior year’s reported number.
Factors to Consider
Oil prices were significantly higher in the September-end quarter of 2022, above the pre-pandemic levels. Being involved in exploration activities in Canada, Cenovus’ upstream operations are likely to have been aided by the strong commodity price scenario in the to-be-reported quarter.
Cenovus is expected to have reaped the reward of a better macro environment in its downstream unit. The demand for refined petroleum products fully recovered in the third quarter due to improved fuel consumption. Hence, the company’s downstream, refining margins benefited from stronger demand since it has a vast network of upgraders and refineries.
With the post-pandemic demand recovery driving margins, Cenovus is expected to have seen year-over-year segmental earnings growth.
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.
Earnings ESP: The company has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are both currently pegged at 78 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 carries a Zacks Rank #4 (Sell).
Stocks to Consider
Here are other 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:
The Zacks Consensus Estimate for SUN’s quarterly earnings is pegged at $1.14 per share, suggesting an increase of 14% from the prior-year reported figure.
Chesapeake Energy Corporation (CHK - Free Report) has an Earnings ESP of +0.42% and is a Zacks #2 Ranked player at present.
Chesapeake Energy is scheduled to release third-quarter earnings on Nov 1. The Zacks Consensus Estimate for CHK’s quarterly earnings is pegged at $4.48 per share, suggesting an increase of 88.2% from the prior-year reported figure.
Cheniere Energy, Inc. (LNG - Free Report) is set to release third-quarter 2022 results on Nov 3. LNG has an Earnings ESP of +1.01% and a Zacks Rank #2.
The Zacks Consensus Estimate for third-quarter 2022 earnings of Cheniere Energy is $5.45 per share, which indicates a massive improvement from the year-ago period’s reported number.
Image: Bigstock
Cenovus (CVE) to Report Q3 Earnings: What's in the Cards?
Cenovus Energy Inc. (CVE - Free Report) is set to report third-quarter 2022 results on Nov 2, before the opening bell.
In the last reported quarter, the leading integrated energy company’s earnings per share of 93 cents beat the Zacks Consensus Estimate of earnings of 89 cents, owing to higher daily oil sand production.
In the trailing four quarters, Cenovus’ bottom line beat the Zacks Consensus Estimate twice and missed the same twice, the average negative surprise being 8.9%. 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 Cenovus’ third-quarter earnings per share of 78 cents has witnessed no upward revision and two downward movements in the past 30 days. The estimate suggests a 271.4% increase from the prior year’s reported number.
Factors to Consider
Oil prices were significantly higher in the September-end quarter of 2022, above the pre-pandemic levels. Being involved in exploration activities in Canada, Cenovus’ upstream operations are likely to have been aided by the strong commodity price scenario in the to-be-reported quarter.
Cenovus is expected to have reaped the reward of a better macro environment in its downstream unit. The demand for refined petroleum products fully recovered in the third quarter due to improved fuel consumption. Hence, the company’s downstream, refining margins benefited from stronger demand since it has a vast network of upgraders and refineries.
With the post-pandemic demand recovery driving margins, Cenovus is expected to have seen year-over-year segmental earnings growth.
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.
Earnings ESP: The company has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate are both currently pegged at 78 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 carries a Zacks Rank #4 (Sell).
Stocks to Consider
Here are other 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:
Sunoco LP (SUN - Free Report) has an Earnings ESP of +3.51% and a Zacks Rank #2. The firm is scheduled to release earnings on Nov 1. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for SUN’s quarterly earnings is pegged at $1.14 per share, suggesting an increase of 14% from the prior-year reported figure.
Chesapeake Energy Corporation (CHK - Free Report) has an Earnings ESP of +0.42% and is a Zacks #2 Ranked player at present.
Chesapeake Energy is scheduled to release third-quarter earnings on Nov 1. The Zacks Consensus Estimate for CHK’s quarterly earnings is pegged at $4.48 per share, suggesting an increase of 88.2% from the prior-year reported figure.
Cheniere Energy, Inc. (LNG - Free Report) is set to release third-quarter 2022 results on Nov 3. LNG has an Earnings ESP of +1.01% and a Zacks Rank #2.
The Zacks Consensus Estimate for third-quarter 2022 earnings of Cheniere Energy is $5.45 per share, which indicates a massive improvement from the year-ago period’s reported number.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.