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Cenovus Energy (CVE) Dips More Than Broader Markets: What You Should Know
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Cenovus Energy (CVE - Free Report) closed at $16.56 in the latest trading session, marking a -1.9% move from the prior day. This change lagged the S&P 500's daily loss of 1.65%. At the same time, the Dow lost 1.63%, and the tech-heavy Nasdaq lost 6.65%.
Prior to today's trading, shares of the oil company had lost 8.41% over the past month. This has lagged the Oils-Energy sector's loss of 4.55% and the S&P 500's gain of 0.3% in that time.
Cenovus Energy will be looking to display strength as it nears its next earnings release, which is expected to be April 26, 2023. In that report, analysts expect Cenovus Energy to post earnings of $0.26 per share. This would mark a year-over-year decline of 58.06%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.82 billion, down 37.8% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.04 per share and revenue of $36.09 billion, which would represent changes of -17.07% and -31.85%, respectively, from the prior year.
Investors should also note any 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 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. The Zacks Consensus EPS estimate has moved 3.1% lower within the past month. Cenovus Energy currently has a Zacks Rank of #3 (Hold).
Investors should also note Cenovus Energy's current valuation metrics, including its Forward P/E ratio of 8.29. This represents a premium compared to its industry's average Forward P/E of 8.21.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 97, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
To follow CVE in the coming trading sessions, be sure to utilize Zacks.com.
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Cenovus Energy (CVE) Dips More Than Broader Markets: What You Should Know
Cenovus Energy (CVE - Free Report) closed at $16.56 in the latest trading session, marking a -1.9% move from the prior day. This change lagged the S&P 500's daily loss of 1.65%. At the same time, the Dow lost 1.63%, and the tech-heavy Nasdaq lost 6.65%.
Prior to today's trading, shares of the oil company had lost 8.41% over the past month. This has lagged the Oils-Energy sector's loss of 4.55% and the S&P 500's gain of 0.3% in that time.
Cenovus Energy will be looking to display strength as it nears its next earnings release, which is expected to be April 26, 2023. In that report, analysts expect Cenovus Energy to post earnings of $0.26 per share. This would mark a year-over-year decline of 58.06%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $8.82 billion, down 37.8% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.04 per share and revenue of $36.09 billion, which would represent changes of -17.07% and -31.85%, respectively, from the prior year.
Investors should also note any 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.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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 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. The Zacks Consensus EPS estimate has moved 3.1% lower within the past month. Cenovus Energy currently has a Zacks Rank of #3 (Hold).
Investors should also note Cenovus Energy's current valuation metrics, including its Forward P/E ratio of 8.29. This represents a premium compared to its industry's average Forward P/E of 8.21.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 97, which puts it in the top 39% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our 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.
To follow CVE in the coming trading sessions, be sure to utilize Zacks.com.