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Cenovus Energy (CVE) Gains As Market Dips: What You Should Know

In the latest trading session, Cenovus Energy (CVE) closed at $18.65, marking a +1.3% move from the previous day. This move outpaced the S&P 500's daily loss of 1.04%. Elsewhere, the Dow lost 0.38%, while the tech-heavy Nasdaq lost 5.88%.

Heading into today, shares of the oil company had gained 0.11% over the past month, outpacing the Oils-Energy sector's loss of 0.27% and lagging the S&P 500's gain of 8.97% in that time.

Cenovus Energy will be looking to display strength as it nears its next earnings release, which is expected to be February 16, 2023. In that report, analysts expect Cenovus Energy to post earnings of $0.59 per share. This would mark year-over-year growth of 37.21%. Meanwhile, our latest consensus estimate is calling for revenue of $9.77 billion, down 10.31% from the prior-year quarter.

It is also important to note the recent changes to analyst estimates for Cenovus Energy. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 9.82% lower. Cenovus Energy currently has a Zacks Rank of #3 (Hold).

In terms of valuation, Cenovus Energy is currently trading at a Forward P/E ratio of 8.35. Its industry sports an average Forward P/E of 8.41, so we 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 192, putting it in the bottom 24% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow CVE in the coming trading sessions, be sure to utilize Zacks.com.

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