Zacks: Analysts Expect Cenovus Energy Inc (NYSE:CVE) to Post $0.14 Earnings Per Share

Wall Street brokerages predict that Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) will announce $0.14 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Two analysts have issued estimates for Cenovus Energy’s earnings, with the lowest EPS estimate coming in at $0.09 and the highest estimate coming in at $0.18. Cenovus Energy posted earnings per share of ($0.15) during the same quarter last year, which suggests a positive year-over-year growth rate of 193.3%. The company is scheduled to report its next quarterly earnings report before the market opens on Thursday, October 31st.

On average, analysts expect that Cenovus Energy will report full year earnings of $0.47 per share for the current financial year, with EPS estimates ranging from $0.32 to $0.59. For the next year, analysts expect that the business will report earnings of $0.33 per share, with EPS estimates ranging from ($0.19) to $0.71. Zacks’ earnings per share 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 25th. The oil and gas company reported $0.16 earnings per share (EPS) 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 company had revenue of $4.43 billion during the quarter, compared to analyst estimates of $4.38 billion. During the same quarter in the prior year, the company posted ($0.24) earnings per share.

Several analysts recently issued reports on the company. Royal Bank of Canada lowered their price target on Cenovus Energy from $17.00 to $15.00 and set a “buy” rating for the company in a report on Friday. UBS Group increased their price target on Cenovus Energy from $12.50 to $13.00 and gave the company a “neutral” rating in a report on Thursday, October 3rd. Goldman Sachs Group upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and set a $12.00 price target for the company in a report on Thursday, September 26th. Morgan Stanley downgraded Cenovus Energy from an “equal” rating to a “weight” rating in a report on Tuesday. Finally, Citigroup upgraded Cenovus Energy from a “neutral” rating to a “buy” rating in a report on Monday, October 7th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $13.93.

NYSE CVE traded down $0.06 during trading hours on Tuesday, hitting $8.68. The company had a trading volume of 4,483,369 shares, compared to its average volume of 4,204,952. Cenovus Energy has a fifty-two week low of $6.15 and a fifty-two week high of $10.82. The company has a market capitalization of $10.55 billion, a price-to-earnings ratio of -4.99, a P/E/G ratio of 3.04 and a beta of 0.94. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.02 and a quick ratio of 0.54. The firm’s 50 day moving average is $9.10 and its 200 day moving average is $8.98.

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were given a $0.038 dividend. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.04. This represents a $0.15 dividend on an annualized basis and a yield of 1.75%. The ex-dividend date of this dividend was Thursday, September 12th. Cenovus Energy’s dividend payout ratio is presently -8.62%.

Large investors have recently bought and sold shares of the business. Marshall Wace LLP purchased a new position in Cenovus Energy in the 1st quarter valued at about $25,000. SeaBridge Investment Advisors LLC boosted its position in Cenovus Energy by 66.7% in the 2nd quarter. SeaBridge Investment Advisors LLC now owns 5,000 shares of the oil and gas company’s stock valued at $44,000 after buying an additional 2,000 shares during the last quarter. Elkfork Partners LLC boosted its position in Cenovus Energy by 21.0% in the 2nd quarter. Elkfork Partners LLC now owns 7,480 shares of the oil and gas company’s stock valued at $64,000 after buying an additional 1,298 shares during the last quarter. Meadow Creek Investment Management LLC boosted its position in Cenovus Energy by 21.0% in the 2nd quarter. Meadow Creek Investment Management LLC now owns 9,520 shares of the oil and gas company’s stock valued at $81,000 after buying an additional 1,652 shares during the last quarter. Finally, United Services Automobile Association purchased a new position in Cenovus Energy in the 2nd quarter valued at about $98,000. 76.42% 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 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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Earnings History and Estimates for Cenovus Energy (NYSE:CVE)

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