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Cenovus Energy (CVE) Stock Sinks As Market Gains: What You Should Know
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In the latest close session, Cenovus Energy (CVE - Free Report) was down 2.81% at $17.27. The stock's performance was behind the S&P 500's daily gain of 0.26%. Meanwhile, the Dow gained 0.15%, and the Nasdaq, a tech-heavy index, added 0.48%.
Prior to today's trading, shares of the oil company had gained 6.98% outpaced the Oils-Energy sector's gain of 4.06% and the S&P 500's gain of 2.87%.
The investment community will be paying close attention to the earnings performance of Cenovus Energy in its upcoming release. It is anticipated that the company will report an EPS of $0.45, marking a 45.16% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $9.85 billion, showing a 5.65% drop compared to the year-ago quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.21 per share and a revenue of $37.05 billion, signifying shifts of -0.82% and -6.57%, respectively, from the last year.
Any recent changes to analyst estimates for Cenovus Energy should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.39% increase. Cenovus Energy is currently a Zacks Rank #3 (Hold).
Digging into valuation, Cenovus Energy currently has a Forward P/E ratio of 14.69. This denotes a discount relative to the industry average Forward P/E of 15.52.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 101, positioning it in the top 41% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.
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Cenovus Energy (CVE) Stock Sinks As Market Gains: What You Should Know
In the latest close session, Cenovus Energy (CVE - Free Report) was down 2.81% at $17.27. The stock's performance was behind the S&P 500's daily gain of 0.26%. Meanwhile, the Dow gained 0.15%, and the Nasdaq, a tech-heavy index, added 0.48%.
Prior to today's trading, shares of the oil company had gained 6.98% outpaced the Oils-Energy sector's gain of 4.06% and the S&P 500's gain of 2.87%.
The investment community will be paying close attention to the earnings performance of Cenovus Energy in its upcoming release. It is anticipated that the company will report an EPS of $0.45, marking a 45.16% rise compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $9.85 billion, showing a 5.65% drop compared to the year-ago quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.21 per share and a revenue of $37.05 billion, signifying shifts of -0.82% and -6.57%, respectively, from the last year.
Any recent changes to analyst estimates for Cenovus Energy should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 2.39% increase. Cenovus Energy is currently a Zacks Rank #3 (Hold).
Digging into valuation, Cenovus Energy currently has a Forward P/E ratio of 14.69. This denotes a discount relative to the industry average Forward P/E of 15.52.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 101, positioning it in the top 41% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.