In the latest close session, Cenovus Energy (CVE) was down 5.27% at $28.22. The stock's performance was behind the S&P 500's daily loss of 2.65%. Meanwhile, the Dow experienced a drop of 1.35%, and the technology-dominated Nasdaq saw a decrease of 4.18%.
Prior to today's trading, shares of the oil company had gained 4.67% outpaced the Oils-Energy sector's loss of 3.06% and lagged the S&P 500's gain of 5.47%.
Analysts and investors alike will be keeping a close eye on the performance of Cenovus Energy in its upcoming earnings disclosure. On that day, Cenovus Energy is projected to report earnings of $0.94 per share, which would represent year-over-year growth of 184.85%. Meanwhile, the latest consensus estimate predicts the revenue to be $9.57 billion, indicating a 7.53% increase compared to the same quarter of the previous year.
CVE's full-year Zacks Consensus Estimates are calling for earnings of $3.15 per share and revenue of $38.19 billion. These results would represent year-over-year changes of +104.55% and +7.42%, respectively.
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. 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 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, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 38.1% higher. Right now, Cenovus Energy possesses a Zacks Rank of #1 (Strong Buy).
Digging into valuation, Cenovus Energy currently has a Forward P/E ratio of 9.45. For comparison, its industry has an average Forward P/E of 10.82, which means Cenovus Energy is trading at a discount to the group.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry, currently bearing a Zacks Industry Rank of 8, finds itself in the top 4% echelons of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
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Cenovus Energy Inc (CVE): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).