Equities research analysts expect that Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) will post sales of $4.22 billion for the current quarter, Zacks reports. Two analysts have issued estimates for Cenovus Energy’s earnings. The lowest sales estimate is $4.16 billion and the highest is $4.27 billion. Cenovus Energy posted sales of $4.70 billion during the same quarter last year, which would indicate a negative year-over-year growth rate of 10.2%. The business is expected to announce its next earnings report before the market opens on Thursday, October 31st.
According to Zacks, analysts expect that Cenovus Energy will report full year sales of $15.67 billion for the current financial year, with estimates ranging from $13.93 billion to $16.92 billion. For the next financial year, analysts forecast that the company will post sales of $14.21 billion, with estimates ranging from $10.63 billion to $16.78 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that follow Cenovus Energy.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, July 25th. The oil and gas company reported $0.16 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.07). Cenovus Energy had a net margin of 1.25% and a negative return on equity of 8.70%. The firm had revenue of $4.43 billion for the quarter, compared to analysts’ expectations of $4.38 billion. During the same period in the prior year, the firm earned ($0.24) EPS.
NYSE:CVE traded down $0.06 during trading hours on Thursday, hitting $8.59. 2,674,872 shares of the stock traded hands, compared to its average volume of 3,776,265. Cenovus Energy has a 1 year low of $6.15 and a 1 year high of $10.82. The stock has a 50 day moving average price of $9.10 and a 200 day moving average price of $8.99. The company has a quick ratio of 0.54, a current ratio of 1.02 and a debt-to-equity ratio of 0.41. The company has a market cap of $10.63 billion, a price-to-earnings ratio of -4.94, a price-to-earnings-growth ratio of 3.06 and a beta of 0.94.
The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Friday, September 13th were issued a $0.038 dividend. This represents a $0.15 annualized dividend and a dividend yield of 1.77%. The ex-dividend date of this dividend was Thursday, September 12th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s payout ratio is -8.62%.
Several hedge funds have recently added to or reduced their stakes in CVE. TD Asset Management Inc. raised its stake in Cenovus Energy by 4.2% during the second quarter. TD Asset Management Inc. now owns 43,206,265 shares of the oil and gas company’s stock valued at $381,888,000 after purchasing an additional 1,739,611 shares in the last quarter. Vanguard Group Inc. raised its stake in Cenovus Energy by 1.4% during the second quarter. Vanguard Group Inc. now owns 30,349,261 shares of the oil and gas company’s stock valued at $267,681,000 after purchasing an additional 427,499 shares in the last quarter. Lincluden Management Ltd. raised its stake in Cenovus Energy by 10.2% during the second quarter. Lincluden Management Ltd. now owns 5,891,532 shares of the oil and gas company’s stock valued at $52,649,000 after purchasing an additional 544,920 shares in the last quarter. Bank of Nova Scotia raised its stake in Cenovus Energy by 3.1% during the second quarter. Bank of Nova Scotia now owns 5,516,475 shares of the oil and gas company’s stock valued at $47,188,000 after purchasing an additional 165,395 shares in the last quarter. Finally, Swiss National Bank raised its stake in Cenovus Energy by 5.3% during the second quarter. Swiss National Bank now owns 3,852,900 shares of the oil and gas company’s stock valued at $33,979,000 after purchasing an additional 193,400 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other 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 in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as other projects in the early stages of development, such as Telephone Lake.
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