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Cenovus Energy (CVE) Laps the Stock Market: Here's Why
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In the latest trading session, Cenovus Energy (CVE - Free Report) closed at $16.64, marking a +1.4% move from the previous day. This move outpaced the S&P 500's daily gain of 0.16%. Meanwhile, the Dow experienced a rise of 0.17%, and the technology-dominated Nasdaq saw an increase of 0.26%.
The oil company's stock has dropped by 8.99% in the past month, falling short of the Oils-Energy sector's loss of 0.36% and the S&P 500's gain of 1.89%.
The investment community will be closely monitoring the performance of Cenovus Energy in its forthcoming earnings report. The company is forecasted to report an EPS of $0.33, showcasing a 560% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $9.56 billion, indicating a 13.86% upward movement from the same quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.54 per share and a revenue of $36.82 billion, indicating changes of +26.23% and 0%, respectively, from the former year.
Investors might also notice recent changes to analyst estimates for Cenovus Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 9.23% higher within the past month. Cenovus Energy is holding a Zacks Rank of #1 (Strong Buy) right now.
Looking at valuation, Cenovus Energy is presently trading at a Forward P/E ratio of 11.56. This indicates a discount in contrast to its industry's Forward P/E of 16.95.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 25, positioning it in the top 11% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Cenovus Energy (CVE) Laps the Stock Market: Here's Why
In the latest trading session, Cenovus Energy (CVE - Free Report) closed at $16.64, marking a +1.4% move from the previous day. This move outpaced the S&P 500's daily gain of 0.16%. Meanwhile, the Dow experienced a rise of 0.17%, and the technology-dominated Nasdaq saw an increase of 0.26%.
The oil company's stock has dropped by 8.99% in the past month, falling short of the Oils-Energy sector's loss of 0.36% and the S&P 500's gain of 1.89%.
The investment community will be closely monitoring the performance of Cenovus Energy in its forthcoming earnings report. The company is forecasted to report an EPS of $0.33, showcasing a 560% upward movement from the corresponding quarter of the prior year. Alongside, our most recent consensus estimate is anticipating revenue of $9.56 billion, indicating a 13.86% upward movement from the same quarter last year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.54 per share and a revenue of $36.82 billion, indicating changes of +26.23% and 0%, respectively, from the former year.
Investors might also notice recent changes to analyst estimates for Cenovus Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.
Based on our research, we believe these estimate revisions are directly related to near-term stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 9.23% higher within the past month. Cenovus Energy is holding a Zacks Rank of #1 (Strong Buy) right now.
Looking at valuation, Cenovus Energy is presently trading at a Forward P/E ratio of 11.56. This indicates a discount in contrast to its industry's Forward P/E of 16.95.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 25, positioning it in the top 11% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.