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Cenovus (CVE) Q2 Earnings Preview: What You Should Know Beyond the Headline Estimates
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Analysts on Wall Street project that Cenovus Energy (CVE - Free Report) will announce quarterly earnings of $0.13 per share in its forthcoming report, representing a decline of 66.7% year over year. Revenues are projected to reach $9.13 billion, declining 16% from the same quarter last year.
Over the last 30 days, there has been an upward revision of 15.1% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
With that in mind, let's delve into the average projections of some Cenovus metrics that are commonly tracked and projected by analysts on Wall Street.
The consensus estimate for 'Total Upstream Production' stands at 780.99 thousands of barrels of oil equivalent per day. The estimate compares to the year-ago value of 800.80 thousands of barrels of oil equivalent per day.
The average prediction of analysts places 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Christina Lake' at 233.90 thousands of barrels of oil per day. The estimate compares to the year-ago value of 237.10 thousands of barrels of oil per day.
The combined assessment of analysts suggests that 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Foster Creek' will likely reach 169.23 thousands of barrels of oil per day. The estimate compares to the year-ago value of 195.00 thousands of barrels of oil per day.
Analysts forecast 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Sunrise' to reach 51.17 thousands of barrels of oil per day. Compared to the present estimate, the company reported 46.10 thousands of barrels of oil per day in the same quarter last year.
Analysts predict that the 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Lloydminster Conventional Heavy Oil' will reach 21.54 thousands of barrels of oil per day. Compared to the current estimate, the company reported 18.10 thousands of barrels of oil per day in the same quarter of the previous year.
It is projected by analysts that the 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production' will reach 574.98 thousands of barrels of oil per day. Compared to the current estimate, the company reported 609.80 thousands of barrels of oil per day in the same quarter of the previous year.
Analysts' assessment points toward 'Downstream - Total Canadian Refining - Heavy Crude Oil Unit Throughput' reaching 106.92 thousands of barrels of oil per day. The estimate compares to the year-ago value of 53.80 thousands of barrels of oil per day.
According to the collective judgment of analysts, 'Downstream - Total U.S. Refining - Crude Oil Unit Throughput' should come in at 542.20 thousands of barrels of oil per day. Compared to the current estimate, the company reported 568.90 thousands of barrels of oil per day in the same quarter of the previous year.
Analysts expect 'Total upstream production - Total Conventional segment production' to come in at 127.25 thousands of barrels of oil equivalent per day. Compared to the current estimate, the company reported 26.50 thousands of barrels of oil equivalent per day in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Total upstream production - Total Offshore segment production' of 68.76 thousands of barrels of oil equivalent per day. Compared to the present estimate, the company reported 20.00 thousands of barrels of oil equivalent per day in the same quarter last year.
The consensus among analysts is that 'Upstream - Crude Oil and Natural Gas Liquids - Total Conventional Production - Light Crude Oil' will reach 5.63 thousands of barrels of oil per day. Compared to the current estimate, the company reported 5.10 thousands of barrels of oil per day in the same quarter of the previous year.
Based on the collective assessment of analysts, 'Upstream - Crude Oil and Natural Gas Liquids - Total Conventional Production - Natural Gas Liquids' should arrive at 22.86 thousands of barrels of oil per day. Compared to the current estimate, the company reported 21.40 thousands of barrels of oil per day in the same quarter of the previous year.
Shares of Cenovus have demonstrated returns of +10.4% over the past month compared to the Zacks S&P 500 composite's +3.6% 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 >>>> .
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Cenovus (CVE) Q2 Earnings Preview: What You Should Know Beyond the Headline Estimates
Analysts on Wall Street project that Cenovus Energy (CVE - Free Report) will announce quarterly earnings of $0.13 per share in its forthcoming report, representing a decline of 66.7% year over year. Revenues are projected to reach $9.13 billion, declining 16% from the same quarter last year.
Over the last 30 days, there has been an upward revision of 15.1% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
With that in mind, let's delve into the average projections of some Cenovus metrics that are commonly tracked and projected by analysts on Wall Street.
The consensus estimate for 'Total Upstream Production' stands at 780.99 thousands of barrels of oil equivalent per day. The estimate compares to the year-ago value of 800.80 thousands of barrels of oil equivalent per day.
The average prediction of analysts places 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Christina Lake' at 233.90 thousands of barrels of oil per day. The estimate compares to the year-ago value of 237.10 thousands of barrels of oil per day.
The combined assessment of analysts suggests that 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Foster Creek' will likely reach 169.23 thousands of barrels of oil per day. The estimate compares to the year-ago value of 195.00 thousands of barrels of oil per day.
Analysts forecast 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Sunrise' to reach 51.17 thousands of barrels of oil per day. Compared to the present estimate, the company reported 46.10 thousands of barrels of oil per day in the same quarter last year.
Analysts predict that the 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Lloydminster Conventional Heavy Oil' will reach 21.54 thousands of barrels of oil per day. Compared to the current estimate, the company reported 18.10 thousands of barrels of oil per day in the same quarter of the previous year.
It is projected by analysts that the 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production' will reach 574.98 thousands of barrels of oil per day. Compared to the current estimate, the company reported 609.80 thousands of barrels of oil per day in the same quarter of the previous year.
Analysts' assessment points toward 'Downstream - Total Canadian Refining - Heavy Crude Oil Unit Throughput' reaching 106.92 thousands of barrels of oil per day. The estimate compares to the year-ago value of 53.80 thousands of barrels of oil per day.
According to the collective judgment of analysts, 'Downstream - Total U.S. Refining - Crude Oil Unit Throughput' should come in at 542.20 thousands of barrels of oil per day. Compared to the current estimate, the company reported 568.90 thousands of barrels of oil per day in the same quarter of the previous year.
Analysts expect 'Total upstream production - Total Conventional segment production' to come in at 127.25 thousands of barrels of oil equivalent per day. Compared to the current estimate, the company reported 26.50 thousands of barrels of oil equivalent per day in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Total upstream production - Total Offshore segment production' of 68.76 thousands of barrels of oil equivalent per day. Compared to the present estimate, the company reported 20.00 thousands of barrels of oil equivalent per day in the same quarter last year.
The consensus among analysts is that 'Upstream - Crude Oil and Natural Gas Liquids - Total Conventional Production - Light Crude Oil' will reach 5.63 thousands of barrels of oil per day. Compared to the current estimate, the company reported 5.10 thousands of barrels of oil per day in the same quarter of the previous year.
Based on the collective assessment of analysts, 'Upstream - Crude Oil and Natural Gas Liquids - Total Conventional Production - Natural Gas Liquids' should arrive at 22.86 thousands of barrels of oil per day. Compared to the current estimate, the company reported 21.40 thousands of barrels of oil per day in the same quarter of the previous year.
View all Key Company Metrics for Cenovus here>>>Shares of Cenovus have demonstrated returns of +10.4% over the past month compared to the Zacks S&P 500 composite's +3.6% 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 >>>> .