Wall Street analysts forecast that Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) will announce $4.27 billion in sales for the current quarter, Zacks reports. Two analysts have provided estimates for Cenovus Energy’s earnings. Cenovus Energy posted sales of $3.55 billion in the same quarter last year, which suggests a positive year over year growth rate of 20.3%. The company is scheduled to report its next quarterly earnings results on Thursday, November 1st.
On average, analysts expect that Cenovus Energy will report full-year sales of $16.52 billion for the current financial year, with estimates ranging from $16.19 billion to $16.88 billion. For the next fiscal year, analysts forecast that the firm will post sales of $16.65 billion per share, with estimates ranging from $15.76 billion to $18.17 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow Cenovus Energy.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, July 26th. The oil and gas company reported ($0.19) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.02 by ($0.21). Cenovus Energy had a negative return on equity of 6.66% and a negative net margin of 2.56%. The firm had revenue of $4.67 billion during the quarter, compared to analyst estimates of $4.25 billion. During the same quarter last year, the business posted $0.36 EPS.
Several research firms have recently commented on CVE. Macquarie upgraded shares of Cenovus Energy from an “underperform” rating to a “neutral” rating in a research note on Wednesday, August 1st. National Bank Financial upgraded shares of Cenovus Energy from a “sector perform overweight” rating to an “outperform overweight” rating in a research note on Thursday, May 31st. Morgan Stanley reduced their target price on shares of Cenovus Energy from $15.00 to $13.00 and set an “equal weight” rating for the company in a research note on Monday, April 16th. ValuEngine upgraded shares of Cenovus Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday, May 2nd. Finally, BMO Capital Markets upgraded shares of Cenovus Energy from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $15.00 to $17.00 in a research note on Thursday, May 17th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average target price of $14.08.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. D.A. Davidson & CO. lifted its stake in shares of Cenovus Energy by 10.0% in the second quarter. D.A. Davidson & CO. now owns 66,107 shares of the oil and gas company’s stock valued at $686,000 after purchasing an additional 6,001 shares during the period. AMF Pensionsforsakring AB lifted its stake in shares of Cenovus Energy by 0.7% in the first quarter. AMF Pensionsforsakring AB now owns 987,529 shares of the oil and gas company’s stock valued at $8,403,000 after purchasing an additional 6,479 shares during the period. Oxbow Advisors LLC lifted its stake in shares of Cenovus Energy by 3.2% in the second quarter. Oxbow Advisors LLC now owns 228,160 shares of the oil and gas company’s stock valued at $2,368,000 after purchasing an additional 7,160 shares during the period. V Wealth Management LLC acquired a new stake in shares of Cenovus Energy in the second quarter valued at about $132,000. Finally, Sciencast Management LP acquired a new stake in shares of Cenovus Energy in the first quarter valued at about $133,000. Hedge funds and other institutional investors own 73.89% of the company’s stock.
Shares of CVE stock traded up $0.03 during mid-day trading on Tuesday, hitting $9.93. The stock had a trading volume of 1,714,888 shares, compared to its average volume of 2,668,264. Cenovus Energy has a fifty-two week low of $7.09 and a fifty-two week high of $11.52. The stock has a market capitalization of $12.16 billion, a PE ratio of -496.50 and a beta of 0.66. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.81 and a current ratio of 1.17.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be paid a $0.038 dividend. This represents a $0.15 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend is Thursday, September 13th. Cenovus Energy’s dividend payout ratio (DPR) is -750.00%.
Cenovus Energy Company Profile
Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.
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