Cenovus Energy (CVE) closed the most recent trading day at $33.92, moving +1.95% from the previous trading session. The stock's performance was ahead of the S&P 500's daily loss of 0.45%. Elsewhere, the Dow saw a downswing of 0.63%, while the tech-heavy Nasdaq depreciated by 0.78%.
The oil company's shares have seen an increase of 3.55% over the last month, surpassing the Oils-Energy sector's gain of 2% and the S&P 500's loss of 1.99%.
The upcoming earnings release of Cenovus Energy will be of great interest to investors. In that report, analysts expect Cenovus Energy to post earnings of $1.07 per share. This would mark year-over-year growth of 105.77%. Alongside, our most recent consensus estimate is anticipating revenue of $11.62 billion, indicating a 21.25% upward movement from the same quarter last year.
For the full year, the Zacks Consensus Estimates are projecting earnings of $3.57 per share and revenue of $42.35 billion, which would represent changes of +131.82% and +19.1%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Cenovus Energy. Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. 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. Within the past 30 days, our consensus EPS projection has moved 11.34% higher. Right now, Cenovus Energy possesses a Zacks Rank of #3 (Hold).
Digging into valuation, Cenovus Energy currently has a Forward P/E ratio of 9.33. This signifies a discount in comparison to the average Forward P/E of 10.56 for its industry.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 102, putting it in the top 42% 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.
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 Report
This article originally published on Zacks Investment Research (zacks.com).