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Why the Market Dipped But Cenovus Energy (CVE) Gained Today
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Cenovus Energy (CVE - Free Report) closed the most recent trading day at $28.26, moving +1.11% from the previous trading session. The stock's performance was ahead of the S&P 500's daily loss of 0.19%. Meanwhile, the Dow experienced a drop of 0.59%, and the technology-dominated Nasdaq saw a decrease of 0.05%.
The oil company's stock has climbed by 11.09% in the past month, exceeding the Oils-Energy sector's gain of 3.6% and the S&P 500's gain of 0.55%.
Investors will be eagerly watching for the performance of Cenovus Energy in its upcoming earnings disclosure. In that report, analysts expect Cenovus Energy to post earnings of $1.11 per share. This would mark year-over-year growth of 236.36%. In the meantime, our current consensus estimate forecasts the revenue to be $9.57 billion, indicating a 7.44% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $3.02 per share and a revenue of $37.13 billion, indicating changes of +96.1% and +4.43%, respectively, from the former year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cenovus Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 4.12% fall in the Zacks Consensus EPS estimate. Cenovus Energy currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Cenovus Energy is presently being traded at a Forward P/E ratio of 9.24. Its industry sports an average Forward P/E of 11, so one might conclude that Cenovus Energy is trading at a discount comparatively.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 217, which puts it in the bottom 12% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
View the Zacks #1 Rank List
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Why the Market Dipped But Cenovus Energy (CVE) Gained Today
Cenovus Energy (CVE - Free Report) closed the most recent trading day at $28.26, moving +1.11% from the previous trading session. The stock's performance was ahead of the S&P 500's daily loss of 0.19%. Meanwhile, the Dow experienced a drop of 0.59%, and the technology-dominated Nasdaq saw a decrease of 0.05%.
The oil company's stock has climbed by 11.09% in the past month, exceeding the Oils-Energy sector's gain of 3.6% and the S&P 500's gain of 0.55%.
Investors will be eagerly watching for the performance of Cenovus Energy in its upcoming earnings disclosure. In that report, analysts expect Cenovus Energy to post earnings of $1.11 per share. This would mark year-over-year growth of 236.36%. In the meantime, our current consensus estimate forecasts the revenue to be $9.57 billion, indicating a 7.44% growth compared to the corresponding quarter of the prior year.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $3.02 per share and a revenue of $37.13 billion, indicating changes of +96.1% and +4.43%, respectively, from the former year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Cenovus Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 4.12% fall in the Zacks Consensus EPS estimate. Cenovus Energy currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Cenovus Energy is presently being traded at a Forward P/E ratio of 9.24. Its industry sports an average Forward P/E of 11, so one might conclude that Cenovus Energy is trading at a discount comparatively.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 217, which puts it in the bottom 12% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.