Zacks: Analysts Expect Cenovus Energy Inc (NYSE:CVE) Will Post Earnings of $0.07 Per Share

Wall Street analysts expect Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) to post earnings of $0.07 per share for the current fiscal quarter, according to Zacks. Two analysts have provided estimates for Cenovus Energy’s earnings, with the lowest EPS estimate coming in at $0.04 and the highest estimate coming in at $0.14. Cenovus Energy posted earnings of ($1.03) per share in the same quarter last year, which suggests a positive year over year growth rate of 106.8%. The company is scheduled to announce its next quarterly earnings results on Wednesday, February 12th.

According to Zacks, analysts expect that Cenovus Energy will report full year earnings of $0.45 per share for the current year, with EPS estimates ranging from $0.31 to $0.60. For the next financial year, analysts expect that the business will report earnings of $0.22 per share, with EPS estimates ranging from ($0.20) to $0.58. Zacks Investment Research’s earnings per share 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 quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.08. Cenovus Energy had a negative return on equity of 5.76% and a net margin of 3.41%. The firm had revenue of $4.70 billion during the quarter, compared to analysts’ expectations of $5.33 billion. During the same quarter last year, the firm earned ($0.20) earnings per share. The business’s revenue for the quarter was down 20.3% on a year-over-year basis.

Several equities research analysts have recently issued reports on CVE shares. CIBC set a $16.00 price target on Cenovus Energy and gave the company a “buy” rating in a report on Tuesday, October 15th. 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 research note on Friday, October 18th. TheStreet upgraded Cenovus Energy from a “d+” rating to a “c” rating in a report on Wednesday, November 6th. Raymond James set a $13.00 price objective on shares of Cenovus Energy and gave the company a “hold” rating in a research report on Saturday, November 2nd. Finally, AltaCorp Capital upgraded shares of Cenovus Energy from a “sector perform” rating to an “outperform” rating in a research note on Thursday, October 31st. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. Cenovus Energy has an average rating of “Buy” and an average price target of $14.38.

CVE stock traded up $0.26 during mid-day trading on Friday, hitting $8.79. The stock had a trading volume of 196,881 shares, compared to its average volume of 2,439,267. Cenovus Energy has a 1-year low of $6.15 and a 1-year high of $10.82. The company has a fifty day moving average of $8.90 and a 200 day moving average of $8.85. The company has a current ratio of 1.12, a quick ratio of 0.60 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $10.92 billion, a price-to-earnings ratio of -5.04, a PEG ratio of 1.14 and a beta of 0.98.

A number of institutional investors have recently made changes to their positions in the business. TD Asset Management Inc. grew its stake in Cenovus Energy by 4.2% in the 2nd 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 buying an additional 1,739,611 shares during the last quarter. D. E. Shaw & Co. Inc. lifted its position in Cenovus Energy by 140.0% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,674,088 shares of the oil and gas company’s stock worth $23,590,000 after acquiring an additional 1,559,840 shares during the last quarter. Beutel Goodman & Co Ltd. lifted its position in Cenovus Energy by 6.9% during the 3rd quarter. Beutel Goodman & Co Ltd. now owns 22,323,456 shares of the oil and gas company’s stock worth $9,096,000 after acquiring an additional 1,444,938 shares during the last quarter. Caymus Capital Partners L.P. bought a new stake in Cenovus Energy during the second quarter valued at about $12,680,000. Finally, CIBC Asset Management Inc boosted its holdings in Cenovus Energy by 8.7% during the third quarter. CIBC Asset Management Inc now owns 15,168,528 shares of the oil and gas company’s stock valued at $142,332,000 after acquiring an additional 1,213,641 shares during the period. 76.86% of the stock is 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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Earnings History and Estimates for Cenovus Energy (NYSE:CVE)

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