Yahoo Finance Cenovus Energy (CVE) Gains As Market Dips: What You Should Know
Cenovus Energy (CVE) closed at $18.39 in the latest trading session, marking a +1.43% move from the prior day. The stock outpaced the S&P 500's daily loss of 1.17%. At the same time, the Dow lost 1.02%, and the tech-heavy Nasdaq lost 2.45%.
Coming into today, shares of the oil company had lost 0.87% in the past month. In that same time, the Oils-Energy sector lost 6.76%, while the S&P 500 lost 5.25%.
Cenovus Energy will be looking to display strength as it nears its next earnings release. On that day, Cenovus Energy is projected to report earnings of $0.66 per share, which would represent year-over-year growth of 53.49%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.75 billion, down 10.43% from the year-ago period.
Any recent changes to analyst estimates for Cenovus Energy should also be noted by investors. 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.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. 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, 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. Within the past 30 days, our consensus EPS projection has moved 1.61% lower. Cenovus Energy is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Cenovus Energy's current valuation metrics, including its Forward P/E ratio of 7.42. Its industry sports an average Forward P/E of 7.41, so we one might conclude that Cenovus Energy is trading at a premium comparatively.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 184, putting it in the bottom 27% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Cenovus Energy Inc (CVE) : Free Stock Analysis Report
