Cenovus Energy (CVE) closed at $15.40 in the latest trading session, marking a +0.39% move from the prior day. The stock outpaced the S&P 500's daily loss of 1.54%. On the other hand, the Dow registered a loss of 1.63%, and the technology-centric Nasdaq decreased by 1.63%.
The oil company's shares have seen an increase of 1.52% over the last month, surpassing the Oils-Energy sector's loss of 11.05% and the S&P 500's loss of 2.2%.
The investment community will be closely monitoring the performance of Cenovus Energy in its forthcoming earnings report. It is anticipated that the company will report an EPS of $0.29, marking stability compared to the same quarter of the previous year. At the same time, our most recent consensus estimate is projecting a revenue of $10.24 billion, reflecting a 6.18% rise from the equivalent quarter last year.
Investors should also take note of any recent adjustments to analyst estimates for Cenovus Energy. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.
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 last 30 days, the Zacks Consensus EPS estimate has moved 5.63% lower. Cenovus Energy presently features a Zacks Rank of #3 (Hold).
In the context of valuation, Cenovus Energy is at present trading with a Forward P/E ratio of 11.1. This expresses a discount compared to the average Forward P/E of 13.08 of its industry.
The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 168, putting it in the bottom 34% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming 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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