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Cenovus Energy (CVE) Stock Slides as Market Rises: Facts to Know Before You Trade

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In the latest trading session, Cenovus Energy (CVE - Free Report) closed at $19.17, marking a -0.57% move from the previous day. The stock's change was less than the S&P 500's daily gain of 0.85%. Elsewhere, the Dow lost 0.09%, while the tech-heavy Nasdaq added 1.53%.

The oil company's shares have seen a decrease of 4.51% over the last month, surpassing the Oils-Energy sector's loss of 4.55% and falling behind the S&P 500's gain of 3.11%.

The investment community will be paying close attention to the earnings performance of Cenovus Energy in its upcoming release. The company is predicted to post an EPS of $0.58, indicating a 75.76% growth compared to the equivalent quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $9.94 billion, showing a 9.2% escalation compared to the year-ago quarter.

Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $2.05 per share and revenue of $37.2 billion, indicating changes of +30.57% and -3.84%, respectively, compared to the previous year.

Investors should also take note of any recent adjustments to analyst estimates for Cenovus Energy. Such recent modifications usually signify the changing landscape of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 6.41% higher. Cenovus Energy is currently sporting a Zacks Rank of #3 (Hold).

From a valuation perspective, Cenovus Energy is currently exchanging hands at a Forward P/E ratio of 9.42. This indicates a discount in contrast to its industry's Forward P/E of 11.3.

The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 92, placing it within the top 37% of over 250 industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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

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