Cenovus Energy (CVE) closed the most recent trading day at $24.91, moving +1.63% from the previous trading session. The stock outpaced the S&P 500's daily loss of 0.24%. Meanwhile, the Dow experienced a drop of 0.01%, and the technology-dominated Nasdaq saw a decrease of 0.26%.
Shares of the oil company witnessed a loss of 2.19% over the previous month, beating the performance of the Oils-Energy sector with its loss of 3.27%, and underperforming the S&P 500's gain of 6.42%.
Investors will be eagerly watching for the performance of Cenovus Energy in its upcoming earnings disclosure. The company is expected to report EPS of $0.51, up 59.38% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.19 billion, down 0.78% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.24 per share and a revenue of $35.82 billion, indicating changes of +45.45% and +0.73%, respectively, from the former year.
It is also important to note the recent changes to analyst estimates for Cenovus Energy. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.
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 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 97.94% higher. At present, Cenovus Energy boasts a Zacks Rank of #3 (Hold).
From a valuation perspective, Cenovus Energy is currently exchanging hands at a Forward P/E ratio of 10.93. This expresses a discount compared to the average Forward P/E of 12.64 of its industry.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. At present, this industry carries a Zacks Industry Rank of 8, placing it within the top 4% of over 250 industries.
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 follow all of these stock-moving metrics, and many more, on Zacks.com.
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Cenovus Energy Inc (CVE): Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).