In the latest close session, Cenovus Energy (CVE) was up +1.86% at $26.78. The stock's performance was ahead of the S&P 500's daily gain of 0.12%. Elsewhere, the Dow saw a downswing of 0.13%, while the tech-heavy Nasdaq appreciated by 0.2%.
Heading into today, shares of the oil company had lost 1.98% over the past month, outpacing the Oils-Energy sector's loss of 2.71% and lagging the S&P 500's gain of 9.3%.
Market participants will be closely following the financial results of Cenovus Energy in its upcoming release. The company's earnings per share (EPS) are projected to be $0.56, reflecting a 75% increase from the same quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $9.26 billion, indicating a 0.01% decline compared to the corresponding quarter of the prior year.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.28 per share and revenue of $35.99 billion. These totals would mark changes of +48.05% and +1.22%, respectively, from last year.
Investors should also note any recent changes to analyst estimates for Cenovus Energy. Such recent modifications usually signify the changing landscape of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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, the Zacks Consensus EPS estimate has moved 101.47% higher. Cenovus Energy is currently sporting a Zacks Rank of #1 (Strong Buy).
In the context of valuation, Cenovus Energy is at present trading with a Forward P/E ratio of 11.51. Its industry sports an average Forward P/E of 13.12, so one might conclude that Cenovus Energy is trading at a discount comparatively.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 3, putting it in the top 2% 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.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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Cenovus Energy Inc (CVE): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).