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Cenovus Energy (CVE) Dips More Than Broader Markets: What You Should Know

Zacks Equity Research
·3 min read

Cenovus Energy (CVE) closed the most recent trading day at $19.01, moving -1.86% from the previous trading session. This change lagged the S&P 500's daily loss of 0.88%. At the same time, the Dow lost 0.82%, and the tech-heavy Nasdaq gained 0.08%.

Heading into today, shares of the oil company had lost 18.78% over the past month, lagging the Oils-Energy sector's loss of 14.09% and the S&P 500's loss of 8.06% in that time.

Wall Street will be looking for positivity from Cenovus Energy as it approaches its next earnings report date. On that day, Cenovus Energy is projected to report earnings of $0.75 per share, which would represent year-over-year growth of 733.33%. Our most recent consensus estimate is calling for quarterly revenue of $10.96 billion, up 27.26% from the year-ago period.

For the full year, our Zacks Consensus Estimates are projecting earnings of $2.83 per share and revenue of $49.91 billion, which would represent changes of +249.38% and +32.44%, respectively, from the prior year.

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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. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 5.6% higher within the past month. Cenovus Energy is currently sporting a Zacks Rank of #2 (Buy).

Digging into valuation, Cenovus Energy currently has a Forward P/E ratio of 6.84. This valuation marks a premium compared to its industry's average Forward P/E of 6.5.

The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 5, which puts it in the top 2% 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.

You can find more information on all of these metrics, and much more, on Zacks.com.


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