Cenovus Energy (CVE) closed the most recent trading day at $16.29, moving +1.75% from the previous trading session. The stock's performance was ahead of the S&P 500's daily gain of 0.27%. Elsewhere, the Dow gained 0.43%, while the tech-heavy Nasdaq added 0.37%.
The oil company's stock has climbed by 10.41% in the past month, exceeding the Oils-Energy sector's gain of 0.87% and the S&P 500's gain of 1.85%.
The investment community will be closely monitoring the performance of Cenovus Energy in its forthcoming earnings report. It is anticipated that the company will report an EPS of $0.31, marking stability compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $9.22 billion, showing a 11.73% drop compared to the year-ago quarter.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.19 per share and a revenue of $36.66 billion, indicating changes of -2.46% and -7.56%, respectively, from the former year.
Investors should also note any recent changes to analyst estimates for Cenovus Energy. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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, the Zacks Consensus EPS estimate has shifted 3.49% upward. Currently, Cenovus Energy is carrying a Zacks Rank of #3 (Hold).
In terms of valuation, Cenovus Energy is currently trading at a Forward P/E ratio of 13.51. This indicates a discount in contrast to its industry's Forward P/E of 14.6.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 44, putting it in the top 18% of all 250+ industries.
The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. 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.
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Cenovus Energy Inc (CVE): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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