Cenovus Energy (CVE) closed the most recent trading day at $15.59, moving -0.13% from the previous trading session. This move was narrower than the S&P 500's daily loss of 2.11%. Meanwhile, the Dow lost 1.54%, and the Nasdaq, a tech-heavy index, lost 0.3%.
Coming into today, shares of the oil company had lost 16.79% in the past month. In that same time, the Oils-Energy sector lost 11.61%, while the S&P 500 lost 8.19%.
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 $0.96 per share, which would represent year-over-year growth of 357.14%. Meanwhile, our latest consensus estimate is calling for revenue of $11.58 billion, up 8.56% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $3.41 per share and revenue of $50.01 billion. These totals would mark changes of +320.99% and +32.69%, respectively, from last year.
Investors might also notice recent changes to analyst estimates for Cenovus Energy. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Cenovus Energy is currently a Zacks Rank #3 (Hold).
Digging into valuation, Cenovus Energy currently has a Forward P/E ratio of 4.58. This valuation marks a discount compared to its industry's average Forward P/E of 5.12.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 91, which puts it in the top 37% of all 250+ industries.
The Zacks Industry Rank includes is listed in order 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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