Cenovus Energy (CVE) Stock Sinks As Market Gains: What You Should Know
Cenovus Energy (CVE) closed the most recent trading day at $16.46, moving -0.42% from the previous trading session. This change lagged the S&P 500's daily gain of 1.15%. Elsewhere, the Dow gained 0.63%, while the tech-heavy Nasdaq added 7.23%.
Heading into today, shares of the oil company had lost 0.9% over the past month, lagging the Oils-Energy sector's gain of 2.12% and the S&P 500's gain of 3.08% in that time.
Cenovus Energy will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $0.50, down 46.24% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $9.8 billion, down 34.74% from the prior-year quarter.
For the full year, our Zacks Consensus Estimates are projecting earnings of $1.87 per share and revenue of $39 billion, which would represent changes of -23.98% and -26.34%, respectively, from the prior year.
Any recent changes to analyst estimates for Cenovus Energy should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating 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 8.84. This represents a premium compared to its industry's average Forward P/E of 8.77.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 111, which puts it in the top 45% 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.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Cenovus Energy Inc (CVE) : Free Stock Analysis Report
