Cenovus Energy Inc (CVE) Expected to Announce Quarterly Sales of $4.27 Billion

Analysts expect Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) to report sales of $4.27 billion for the current quarter, Zacks Investment Research reports. Two analysts have issued estimates for Cenovus Energy’s earnings. Cenovus Energy reported sales of $3.55 billion in the same quarter last year, which indicates a positive year over year growth rate of 20.3%. The firm is expected to issue its next earnings report on Thursday, November 1st.

According to Zacks, analysts expect that Cenovus Energy will report full year sales of $16.52 billion for the current fiscal year, with estimates ranging from $16.19 billion to $16.88 billion. For the next year, analysts anticipate that the firm will report sales of $16.65 billion per share, with estimates ranging from $15.76 billion to $18.17 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Cenovus Energy.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, July 26th. The oil and gas company reported ($0.19) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.21). Cenovus Energy had a negative net margin of 2.56% and a negative return on equity of 6.66%. The company had revenue of $4.67 billion for the quarter, compared to analyst estimates of $4.25 billion. During the same quarter last year, the business earned $0.36 EPS.

CVE has been the topic of several analyst reports. Raymond James upgraded Cenovus Energy from an “underperform” rating to a “market perform” rating in a report on Tuesday, April 24th. ValuEngine upgraded Cenovus Energy from a “strong sell” rating to a “sell” rating in a report on Wednesday, May 2nd. Morgan Stanley increased their price target on Cenovus Energy from $13.00 to $17.00 and gave the company an “equal weight” rating in a report on Wednesday, May 23rd. National Bank Financial upgraded Cenovus Energy from a “sector perform overweight” rating to an “outperform overweight” rating in a report on Thursday, May 31st. Finally, BMO Capital Markets upgraded Cenovus Energy from a “market perform” rating to an “outperform” rating and increased their price target for the company from $15.00 to $17.00 in a report on Thursday, May 17th. Two equities research 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. Cenovus Energy currently has a consensus rating of “Hold” and a consensus target price of $14.08.

Cenovus Energy traded up $0.03, hitting $9.93, during midday trading on Tuesday, MarketBeat.com reports. 1,714,888 shares of the company traded hands, compared to its average volume of 2,668,264. Cenovus Energy has a twelve month low of $7.09 and a twelve month high of $11.52. The company has a quick ratio of 0.81, a current ratio of 1.17 and a debt-to-equity ratio of 0.53. The company has a market cap of $12.16 billion, a PE ratio of -496.50 and a beta of 0.66.

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Friday, September 14th will be given a $0.038 dividend. The ex-dividend date is Thursday, September 13th. This represents a $0.15 annualized dividend and a dividend yield of 1.53%. Cenovus Energy’s dividend payout ratio is -750.00%.

Several institutional investors and hedge funds have recently bought and sold shares of CVE. Two Sigma Advisers LP bought a new stake in shares of Cenovus Energy in the fourth quarter valued at approximately $2,066,000. Two Sigma Investments LP bought a new stake in shares of Cenovus Energy in the fourth quarter valued at approximately $412,000. Lincluden Management Ltd. boosted its position in shares of Cenovus Energy by 6.6% in the first quarter. Lincluden Management Ltd. now owns 6,623,838 shares of the oil and gas company’s stock valued at $56,361,000 after acquiring an additional 407,855 shares during the period. Dreman Value Management L L C bought a new position in Cenovus Energy in the first quarter worth $156,000. Finally, Commerzbank Aktiengesellschaft FI lifted its position in Cenovus Energy by 1,092.5% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 361,961 shares of the oil and gas company’s stock worth $3,091,000 after purchasing an additional 331,608 shares during the period. 73.89% of the stock is owned by institutional investors.

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.

See Also: Outstanding Shares and The Effect on Share Price

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Earnings History and Estimates for Cenovus Energy (NYSE:CVE)

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