In the latest trading session, Cenovus Energy (CVE) closed at $21.01, marking a +2.14% move from the previous day. The stock's change was more than the S&P 500's daily gain of 0.47%. At the same time, the Dow added 0.04%, and the tech-heavy Nasdaq gained 0.9%.
Coming into today, shares of the oil company had gained 25.35% in the past month. In that same time, the Oils-Energy sector gained 13.69%, while the S&P 500 lost 0.16%.
Analysts and investors alike will be keeping a close eye on the performance of Cenovus Energy in its upcoming earnings disclosure. The company's upcoming EPS is projected at $0.28, signifying a 460.00% increase compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $9.66 billion, up 15.08% from the prior-year quarter.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.51 per share and a revenue of $37.08 billion, signifying shifts of +23.77% and -6.5%, respectively, from the last year.
It is also important to note the recent changes to analyst estimates for Cenovus Energy. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the past month, there's been a 15.26% fall in the Zacks Consensus EPS estimate. Cenovus Energy presently features a Zacks Rank of #5 (Strong Sell).
With respect to valuation, Cenovus Energy is currently being traded at a Forward P/E ratio of 17.09. This valuation marks a discount compared to its industry average Forward P/E of 19.97.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 232, this industry ranks in the bottom 6% of all industries, numbering over 250.
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.
You can find more information on all of these metrics, and much more, on Zacks.com.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Cenovus Energy Inc (CVE): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
Zacks Investment Research
