In the latest trading session, Cenovus Energy (CVE) closed at $33.19, marking a +2.53% move from the previous day. The stock's performance was ahead of the S&P 500's daily loss of 0.58%. Meanwhile, the Dow experienced a drop of 1.18%, and the technology-dominated Nasdaq saw a decrease of 0.32%.
Shares of the oil company witnessed a gain of 9.51% over the previous month, beating the performance of the Oils-Energy sector with its gain of 6.77%, and the S&P 500's loss of 0.36%.
The investment community will be closely monitoring the performance of Cenovus Energy in its forthcoming earnings report. In that report, analysts expect Cenovus Energy to post earnings of $0.83 per share. This would mark year-over-year growth of 59.62%. Alongside, our most recent consensus estimate is anticipating revenue of $9.81 billion, indicating a 2.39% upward movement from the same quarter last year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $3.2 per share and revenue of $38.58 billion. These totals would mark changes of +107.79% and +8.52%, respectively, from last year.
Any recent changes to analyst estimates for Cenovus Energy should also be noted by investors. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. At present, Cenovus Energy boasts a Zacks Rank of #3 (Hold).
Looking at its valuation, Cenovus Energy is holding a Forward P/E ratio of 10.1. This indicates a discount in contrast to its industry's Forward P/E of 10.8.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 102, finds itself in the top 42% echelons of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
Zacks' Research Chief Names "Stock Most Likely to Double"
Our team of experts has just released the 5 stocks with the greatest probability of gaining +100% or more in the coming months. Of those 5, Director of Research Sheraz Mian highlights the one stock set to climb highest.
This top pick is a little-known satellite-based communications firm. Space is projected to become a trillion dollar industry, and this company's customer base is growing fast. Analysts have forecasted a major revenue breakout in 2025. Of course, all our elite picks aren't winners but this one could far surpass earlier Zacks' Stocks Set to Double like Hims & Hers Health, which shot up +209%.
Free: See Our Top Stock And 4 Runners UpWant 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 Report
This article originally published on Zacks Investment Research (zacks.com).