Cenovus Energy shares closed at $32.88, a 2.72% increase, while the broader market declined. This performance outpaced the S&P 500, which fell 0.52% on the day. The Dow Jones Industrial Average dropped 1.24% and the Nasdaq Composite lost 0.21%. Over the past month, Cenovus Energy stock had gained 2.33%, a figure that lagged the 5.63% gain in the Oils-Energy sector but beat the S&P 500's loss of 1.21% over the same period.
Analysts expect the company to report an earnings per share of $1.21 in its forthcoming earnings report. This figure represents a 132.69% increase from the corresponding quarter of the prior year. The consensus estimate for revenue is $11.71 billion, marking a 22.2% escalation compared to the year-ago quarter. For the full year, Zacks Consensus Estimates project earnings of $4.12 per share and revenue of $44.01 billion, representing increases of 167.53% and 23.79% respectively over last year.
Recent revisions to analyst estimates have shown a direct correlation with near-term share price momentum, according to research cited by Zacks Investment Research. Over the last 30 days, the Zacks Consensus EPS estimate for Cenovus Energy moved 15.51% higher. The company currently holds a Zacks Rank of #1, which is designated as Strong Buy. The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell) and has delivered an average annual return of 25% for #1 stocks since 1988.
In terms of valuation, Cenovus Energy trades at a Forward P/E ratio of 7.77. This is a discount compared to the average Forward P/E of 10.37 for its industry. The Oil and Gas - Integrated - Canadian industry holds a Zacks Industry Rank of 3, positioning it in the top 2% of more than 250 industries. The Zacks Industry Rank orders industries from best to worst based on the average Zacks Rank of individual companies within them. Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.