Cenovus Energy (CVE) ended the recent trading session at $12.11, demonstrating a +1.17% swing from the preceding day's closing price. The stock trailed the S&P 500, which registered a daily gain of 2.03%. At the same time, the Dow added 1.23%, and the tech-heavy Nasdaq gained 2.74%.
Coming into today, shares of the oil company had lost 15.94% in the past month. In that same time, the Oils-Energy sector lost 10.82%, while the S&P 500 lost 5.07%.
The investment community will be closely monitoring the performance of Cenovus Energy in its forthcoming earnings report. On that day, Cenovus Energy is projected to report earnings of $0.29 per share, which would represent a year-over-year decline of 36.96%. Our most recent consensus estimate is calling for quarterly revenue of $9.55 billion, down 3.91% from the year-ago period.
CVE's full-year Zacks Consensus Estimates are calling for earnings of $1.41 per share and revenue of $38.08 billion. These results would represent year-over-year changes of +15.57% and -3.98%, respectively.
Investors should also pay attention to any latest changes in analyst estimates for Cenovus Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable 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. Over the past month, there's been a 13.39% fall in the Zacks Consensus EPS estimate. Cenovus Energy currently has a Zacks Rank of #3 (Hold).
From a valuation perspective, Cenovus Energy is currently exchanging hands at a Forward P/E ratio of 8.5. This indicates a discount in contrast to its industry's Forward P/E of 10.32.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. Currently, this industry holds a Zacks Industry Rank of 46, positioning it in the top 19% 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.
Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next 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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