The upcoming report from Cenovus Energy (CVE Quick QuoteCVE - Free Report) is expected to reveal quarterly earnings of $0.29 per share, indicating a decline of 37% compared to the year-ago period. Analysts forecast revenues of $9.55 billion, representing a decrease of 3.9% year over year.

The consensus EPS estimate for the quarter has undergone a downward revision of 1.6% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.

Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.

While investors typically use consensus earnings and revenue estimates as a yardstick to evaluate the company's quarterly performance, scrutinizing analysts' projections for some of the company's key metrics can offer a more comprehensive perspective.

In light of this perspective, let's dive into the average estimates of certain Cenovus metrics that are commonly tracked and forecasted by Wall Street analysts.

The consensus among analysts is that 'Total Upstream Production' will reach 819.24 millions of barrels of oil equivalent per day. Compared to the current estimate, the company reported 800.9 millions of barrels of oil equivalent per day in the same quarter of the previous year.

Based on the collective assessment of analysts, 'Upstream - Total Conventional Natural Gas Production' should arrive at 867.71 millions of cubic feet per day. Compared to the present estimate, the company reported 855.8 millions of cubic feet per day in the same quarter last year.

Analysts predict that the 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Foster Creek' will reach 200.50 millions of barrels of oil per day. Compared to the current estimate, the company reported 196 millions of barrels of oil per day in the same quarter of the previous year.

According to the collective judgment of analysts, 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Christina Lake' should come in at 238.10 millions of barrels of oil per day. Compared to the present estimate, the company reported 236.5 millions of barrels of oil per day in the same quarter last year.

The consensus estimate for 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Sunrise' stands at 51.80 millions of barrels of oil per day. The estimate compares to the year-ago value of 48.8 millions of barrels of oil per day.

Analysts' assessment points toward 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Lloydminster Therma' reaching 109.38 millions of barrels of oil per day. Compared to the current estimate, the company reported 114.1 millions of barrels of oil per day in the same quarter of the previous year.

The combined assessment of analysts suggests that 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Lloydminster Conventional Heavy Oil' will likely reach 18.90 millions of barrels of oil per day. The estimate compares to the year-ago value of 17.9 millions of barrels of oil per day.

The collective assessment of analysts points to an estimated 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production' of 618.68 millions of barrels of oil per day. The estimate compares to the year-ago value of 613.3 millions of barrels of oil per day.

Analysts forecast 'Downstream - Total Canadian Refining - Heavy Crude Oil Unit Throughput' to reach 103.14 millions of barrels of oil per day. Compared to the present estimate, the company reported 104.1 millions of barrels of oil per day in the same quarter last year.

It is projected by analysts that the 'Downstream - Total U.S. Refining - Crude Oil Unit Throughput' will reach 554.13 millions of barrels of oil per day. The estimate compares to the year-ago value of 551.1 millions of barrels of oil per day.

Analysts expect 'Total upstream production - Total Conventional segment production' to come in at 126.33 millions of barrels of oil equivalent per day. Compared to the current estimate, the company reported 27.3 millions of barrels of oil equivalent per day in the same quarter of the previous year.

The average prediction of analysts places 'Total upstream production - Total Offshore segment production' at 67.58 millions of barrels of oil equivalent per day. The estimate compares to the year-ago value of 64.9 millions of barrels of oil equivalent per day.

View all Key Company Metrics for Cenovus here>>>

Shares of Cenovus have demonstrated returns of +4.2% over the past month compared to the Zacks S&P 500 composite's +11.5% change. With a Zacks Rank #3 (Hold), CVE is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>