Cenovus Energy (CVE) closed at $25.72 in the latest trading session, marking a -2.24% move from the prior day. The stock fell short of the S&P 500, which registered a gain of 1.18% for the day. Meanwhile, the Dow gained 0.66%, and the Nasdaq, a tech-heavy index, added 1.96%.
The stock of oil company has risen by 12.68% in the past month, leading the Oils-Energy sector's gain of 2.34% and the S&P 500's gain of 3.93%.
Investors will be eagerly watching for the performance of Cenovus Energy in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0.37, marking a 15.63% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.01 billion, down 2.76% from the year-ago period.
CVE's full-year Zacks Consensus Estimates are calling for earnings of $1.72 per share and revenue of $34.92 billion. These results would represent year-over-year changes of +11.69% and -1.78%, respectively.
Investors should also pay attention to any latest changes in analyst estimates for Cenovus Energy. These revisions help to show the ever-changing nature of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 51.76% higher within the past month. Cenovus Energy currently has a Zacks Rank of #3 (Hold).
Investors should also note Cenovus Energy's current valuation metrics, including its Forward P/E ratio of 15.3. This denotes a discount relative to the industry average Forward P/E of 16.17.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 10, this industry ranks in the top 5% of all industries, numbering over 250.
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.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Cenovus Energy Inc (CVE): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).