Yahoo Finance Cenovus Energy (CVE) Stock Moves -0.23%: What You Should Know
Cenovus Energy (CVE) closed the most recent trading day at $17.73, moving -0.23% from the previous trading session. This change was narrower than the S&P 500's 0.6% loss on the day. Elsewhere, the Dow lost 0.33%, while the tech-heavy Nasdaq lost 2.87%.
Coming into today, shares of the oil company had gained 7.31% in the past month. In that same time, the Oils-Energy sector gained 11.36%, while the S&P 500 gained 6.22%.
Investors will be hoping for strength from Cenovus Energy as it approaches its next earnings release, which is expected to be April 26, 2023. On that day, Cenovus Energy is projected to report earnings of $0.26 per share, which would represent a year-over-year decline of 58.06%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $9.79 billion, down 30.94% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $1.92 per share and revenue of $40.6 billion. These totals would mark changes of -21.95% and -23.32%, respectively, from last year.
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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. 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 5.81% lower. Cenovus Energy is currently a Zacks Rank #3 (Hold).
Digging into valuation, Cenovus Energy currently has a Forward P/E ratio of 9.27. Its industry sports an average Forward P/E of 9.28, 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 industry currently has a Zacks Industry Rank of 104, which puts it in the top 42% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Cenovus Energy Inc (CVE) : Free Stock Analysis Report
