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Factors to Note Right Ahead of Cenovus' (CVE) Q1 Earnings
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Cenovus Energy Inc. (CVE - Free Report) is set to report first-quarter 2023 results on Apr 26, before the opening bell.
In the last reported quarter, the leading integrated energy company’s earnings per share of 29 cents missed the Zacks Consensus Estimate of earnings of 48 cents due to lower contributions from the Conventional and Offshore units. The negatives were partially offset by higher contributions from the downstream segment.
In the trailing four quarters, Cenovus’ bottom line beat the Zacks Consensus Estimate once and missed the same thrice, the average negative surprise being 14.7%. 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’ first-quarter earnings per share of 28 cents has witnessed no upward revision and one downward movement in the past 30 days. The estimate suggests a 54.8% decline from the prior year’s reported number.
Factors to Consider
Global oil prices were on a downward trend in the March-end quarter of 2023. Natural gas prices saw large declines and were exceptionally volatile in the first quarter, indicating that the upstream business was unfavorable in the quarter. Cenovus’ upstream operations are likely to have been affected by the volatile commodity prices in the to-be-reported quarter.
Energy companies have been forced to pay higher prices as they started experiencing inflation in the costs of certain oilfield services, which affected their profitability. The upward cost trajectory is likely to have continued in the first quarter due to the current inflationary environment. Rising costs are expected to have affected Cenovus’ performance in the to-be-reported quarter.
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 pegged at 28 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 #3 (Hold).
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:
Enterprise Products is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for the company’s earnings is pegged at 61 cents per share, suggesting an increase from the prior-year reported figure.
Magellan Midstream Partners LP has an Earnings ESP of +0.14% and is currently a Zacks #2 Ranked player.
Magellan Midstream is scheduled to release first-quarter results on May 4. The Zacks Consensus Estimate for its earnings is pegged at $1.18 per share, suggesting an increase from the prior-year reported figure.
Sunoco LP (SUN - Free Report) has an Earnings ESP of +6.15% and is currently a Zacks #1 Ranked player.
Sunoco is scheduled to release first-quarter results on May 2. The Zacks Consensus Estimate for SUN’s earnings is pegged at $1.18 per share, suggesting a decline from the prior-year reported figure.
Image: Bigstock
Factors to Note Right Ahead of Cenovus' (CVE) Q1 Earnings
Cenovus Energy Inc. (CVE - Free Report) is set to report first-quarter 2023 results on Apr 26, before the opening bell.
In the last reported quarter, the leading integrated energy company’s earnings per share of 29 cents missed the Zacks Consensus Estimate of earnings of 48 cents due to lower contributions from the Conventional and Offshore units. The negatives were partially offset by higher contributions from the downstream segment.
In the trailing four quarters, Cenovus’ bottom line beat the Zacks Consensus Estimate once and missed the same thrice, the average negative surprise being 14.7%. 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’ first-quarter earnings per share of 28 cents has witnessed no upward revision and one downward movement in the past 30 days. The estimate suggests a 54.8% decline from the prior year’s reported number.
Factors to Consider
Global oil prices were on a downward trend in the March-end quarter of 2023. Natural gas prices saw large declines and were exceptionally volatile in the first quarter, indicating that the upstream business was unfavorable in the quarter. Cenovus’ upstream operations are likely to have been affected by the volatile commodity prices in the to-be-reported quarter.
Energy companies have been forced to pay higher prices as they started experiencing inflation in the costs of certain oilfield services, which affected their profitability. The upward cost trajectory is likely to have continued in the first quarter due to the current inflationary environment. Rising costs are expected to have affected Cenovus’ performance in the to-be-reported quarter.
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 pegged at 28 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 #3 (Hold).
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:
Enterprise Products Partners L.P. (EPD - Free Report) currently has an Earnings ESP of +0.28% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Enterprise Products is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for the company’s earnings is pegged at 61 cents per share, suggesting an increase from the prior-year reported figure.
Magellan Midstream Partners LP has an Earnings ESP of +0.14% and is currently a Zacks #2 Ranked player.
Magellan Midstream is scheduled to release first-quarter results on May 4. The Zacks Consensus Estimate for its earnings is pegged at $1.18 per share, suggesting an increase from the prior-year reported figure.
Sunoco LP (SUN - Free Report) has an Earnings ESP of +6.15% and is currently a Zacks #1 Ranked player.
Sunoco is scheduled to release first-quarter results on May 2. The Zacks Consensus Estimate for SUN’s earnings is pegged at $1.18 per share, suggesting a decline from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.