Cenovus Energy (CVE) Laps the Stock Market: Here's Why

In the latest trading session, Cenovus Energy (CVE) closed at $19.48, marking a +2.96% move from the previous day. The stock's performance was ahead of the S&P 500's daily gain of 0.41%. On the other hand, the Dow registered a loss of 0.83%, and the technology-centric Nasdaq increased by 0.91%.

Heading into today, shares of the oil company had gained 11.95% over the past month, outpacing the Oils-Energy sector's gain of 7.63% and the S&P 500's gain of 0.38%.

Analysts and investors alike will be keeping a close eye on the performance of Cenovus Energy in its upcoming earnings disclosure. The company is predicted to post an EPS of $0.33, indicating a 560% growth compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $9.65 billion, up 14.93% from the prior-year quarter.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $1.54 per share and a revenue of $37.03 billion, indicating changes of +26.23% and 0%, respectively, from the former year.

Investors should also take note of any recent adjustments to analyst estimates for Cenovus Energy. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. Cenovus Energy is holding a Zacks Rank of #3 (Hold) right now.

Digging into valuation, Cenovus Energy currently has a Forward P/E ratio of 13.32. This denotes a discount relative to the industry average Forward P/E of 18.54.

The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 99, this industry ranks in the top 41% of all industries, numbering over 250.

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.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

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This article originally published on Zacks Investment Research (zacks.com).

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Source Zacks-com