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Cenovus Energy (CVE) Beats Stock Market Upswing: What Investors Need to Know
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In the latest close session, Cenovus Energy (CVE - Free Report) was up +1.83% at $31.65. This move outpaced the S&P 500's daily gain of 0.2%. Meanwhile, the Dow gained 0.04%, and the Nasdaq, a tech-heavy index, added 0.04%.
Shares of the oil company witnessed a loss of 5.27% over the previous month, trailing the performance of the Oils-Energy sector with its loss of 2.32%, and the S&P 500's loss of 0.35%.
Investors will be eagerly watching for the performance of Cenovus Energy in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $1.07, reflecting a 105.77% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $11.62 billion, showing a 21.25% escalation compared to the year-ago quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $3.57 per share and a revenue of $42.35 billion, signifying shifts of +131.82% and +19.1%, respectively, from the last year.
Investors might also notice recent changes to analyst estimates for Cenovus Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
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. Over the past month, there's been a 4.39% rise in the Zacks Consensus EPS estimate. Currently, Cenovus Energy is carrying a Zacks Rank of #1 (Strong Buy).
In the context of valuation, Cenovus Energy is at present trading with a Forward P/E ratio of 8.71. For comparison, its industry has an average Forward P/E of 10.1, which means Cenovus Energy is trading at a discount to the group.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 8, finds itself in the top 4% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
View the Zacks #1 Rank List
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Cenovus Energy (CVE) Beats Stock Market Upswing: What Investors Need to Know
In the latest close session, Cenovus Energy (CVE - Free Report) was up +1.83% at $31.65. This move outpaced the S&P 500's daily gain of 0.2%. Meanwhile, the Dow gained 0.04%, and the Nasdaq, a tech-heavy index, added 0.04%.
Shares of the oil company witnessed a loss of 5.27% over the previous month, trailing the performance of the Oils-Energy sector with its loss of 2.32%, and the S&P 500's loss of 0.35%.
Investors will be eagerly watching for the performance of Cenovus Energy in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $1.07, reflecting a 105.77% increase from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $11.62 billion, showing a 21.25% escalation compared to the year-ago quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $3.57 per share and a revenue of $42.35 billion, signifying shifts of +131.82% and +19.1%, respectively, from the last year.
Investors might also notice recent changes to analyst estimates for Cenovus Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
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. Over the past month, there's been a 4.39% rise in the Zacks Consensus EPS estimate. Currently, Cenovus Energy is carrying a Zacks Rank of #1 (Strong Buy).
In the context of valuation, Cenovus Energy is at present trading with a Forward P/E ratio of 8.71. For comparison, its industry has an average Forward P/E of 10.1, which means Cenovus Energy is trading at a discount to the group.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 8, finds itself in the top 4% echelons of all 250+ industries.
The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.