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Cenovus Energy (CVE) Gains But Lags Market: What You Should Know
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Cenovus Energy (CVE - Free Report) closed at $19.36 in the latest trading session, marking a +1.47% move from the prior day. The stock lagged the S&P 500's daily gain of 1.62%. Meanwhile, the Dow gained 1.17%, and the Nasdaq, a tech-heavy index, added 12.91%.
Prior to today's trading, shares of the oil company had gained 3.64% over the past month. This has outpaced the Oils-Energy sector's gain of 0.8% and the S&P 500's loss of 4.54% in that time.
Cenovus Energy will be looking to display strength as it nears its next earnings release. In that report, analysts expect Cenovus Energy to post earnings of $0.26 per share. This would mark a year-over-year decline of 58.06%. Our most recent consensus estimate is calling for quarterly revenue of $8.82 billion, down 37.8% from the year-ago period.
CVE's full-year Zacks Consensus Estimates are calling for earnings of $2.04 per share and revenue of $36.09 billion. These results would represent year-over-year changes of -17.07% and -31.85%, respectively.
Investors should also note any recent changes to analyst estimates for Cenovus Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. Over the past month, the Zacks Consensus EPS estimate has moved 3.1% lower. Cenovus Energy is currently a Zacks Rank #3 (Hold).
Digging into valuation, Cenovus Energy currently has a Forward P/E ratio of 9.38. For comparison, its industry has an average Forward P/E of 9.06, which means Cenovus Energy is trading at a premium to the group.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 61, which puts it in the top 25% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Cenovus Energy (CVE) Gains But Lags Market: What You Should Know
Cenovus Energy (CVE - Free Report) closed at $19.36 in the latest trading session, marking a +1.47% move from the prior day. The stock lagged the S&P 500's daily gain of 1.62%. Meanwhile, the Dow gained 1.17%, and the Nasdaq, a tech-heavy index, added 12.91%.
Prior to today's trading, shares of the oil company had gained 3.64% over the past month. This has outpaced the Oils-Energy sector's gain of 0.8% and the S&P 500's loss of 4.54% in that time.
Cenovus Energy will be looking to display strength as it nears its next earnings release. In that report, analysts expect Cenovus Energy to post earnings of $0.26 per share. This would mark a year-over-year decline of 58.06%. Our most recent consensus estimate is calling for quarterly revenue of $8.82 billion, down 37.8% from the year-ago period.
CVE's full-year Zacks Consensus Estimates are calling for earnings of $2.04 per share and revenue of $36.09 billion. These results would represent year-over-year changes of -17.07% and -31.85%, respectively.
Investors should also note any recent changes to analyst estimates for Cenovus Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
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. Over the past month, the Zacks Consensus EPS estimate has moved 3.1% lower. Cenovus Energy is currently a Zacks Rank #3 (Hold).
Digging into valuation, Cenovus Energy currently has a Forward P/E ratio of 9.38. For comparison, its industry has an average Forward P/E of 9.06, which means Cenovus Energy is trading at a premium to the group.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 61, which puts it in the top 25% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.