Cenovus Energy (CVE) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Cenovus Energy (CVE) closed at $16.96, marking a +1.62% move from the previous day. This move outpaced the S&P 500's daily gain of 0.69%. At the same time, the Dow added 0.43%, and the tech-heavy Nasdaq lost 8.94%.
Coming into today, shares of the oil company had gained 2.83% in the past month. In that same time, the Oils-Energy sector gained 2.52%, while the S&P 500 gained 5.41%.
Investors will be hoping for strength from Cenovus Energy as it approaches its next earnings release. The company is expected to report EPS of $0.52, down 44.09% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $10.12 billion, down 32.59% from the year-ago period.
CVE's full-year Zacks Consensus Estimates are calling for earnings of $1.91 per share and revenue of $40.43 billion. These results would represent year-over-year changes of -22.36% and -23.64%, respectively.
Investors might also notice recent changes to analyst estimates for Cenovus Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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 remained stagnant. Cenovus Energy currently has a Zacks Rank of #3 (Hold).
Looking at its valuation, Cenovus Energy is holding a Forward P/E ratio of 8.76. For comparison, its industry has an average Forward P/E of 8.7, which means Cenovus Energy is trading at a premium to the group.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 121, putting it in the top 49% 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.
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
