Cenovus Energy (CVE) closed the latest trading day at $15.06, indicating a +0.53% change from the previous session's end. The stock outperformed the S&P 500, which registered a daily gain of 0.39%. At the same time, the Dow added 0.71%, and the tech-heavy Nasdaq gained 0.2%.

Heading into today, shares of the oil company had lost 3.91% over the past month, lagging the Oils-Energy sector's gain of 1.79% and the S&P 500's gain of 1.7% in that time.

The investment community will be paying close attention to the earnings performance of Cenovus Energy in its upcoming release. The company is forecasted to report an EPS of $0.18, showcasing a 37.93% downward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $9.99 billion, up 3.56% from the year-ago period.

Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Cenovus Energy. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 7.59% rise in the Zacks Consensus EPS estimate. Right now, Cenovus Energy possesses a Zacks Rank of #3 (Hold).

Digging into valuation, Cenovus Energy currently has a Forward P/E ratio of 10.07. This represents a discount compared to its industry's average Forward P/E of 11.76.

The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 86, this industry ranks in the top 35% of all industries, numbering over 250.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained 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 use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

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