Equities analysts expect that Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) will announce $4.22 billion in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Cenovus Energy’s earnings, with the highest sales estimate coming in at $4.27 billion and the lowest estimate coming in at $4.16 billion. Cenovus Energy posted sales of $4.70 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 10.2%. The firm is scheduled to issue its next quarterly 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 fiscal year, with estimates ranging from $13.93 billion to $16.92 billion. For the next fiscal year, analysts anticipate that the business will report sales of $14.21 billion, with estimates ranging from $10.63 billion to $16.78 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Cenovus Energy.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, July 25th. The oil and gas company reported $0.16 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.07). The company had revenue of $4.43 billion during the quarter, compared to analysts’ expectations of $4.38 billion. Cenovus Energy had a net margin of 1.25% and a negative return on equity of 8.70%. During the same quarter last year, the business posted ($0.24) earnings per share.
A number of analysts have weighed in on the company. CIBC set a $16.00 price target on Cenovus Energy and gave the company a “buy” rating in a research note on Tuesday, October 15th. Citigroup upgraded Cenovus Energy from a “neutral” rating to a “buy” rating in a research note on Monday, October 7th. Royal Bank of Canada cut their price target on Cenovus Energy from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday. AltaCorp Capital upgraded Cenovus Energy from a “sector perform” rating to an “outperform” rating in a research note on Monday, October 7th. Finally, UBS Group raised their price target on Cenovus Energy from $12.50 to $13.00 and gave the company a “neutral” rating in a research note on Thursday, October 3rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eleven have given a buy rating to the company. Cenovus Energy presently has a consensus rating of “Buy” and an average target price of $13.93.
Institutional investors and hedge funds have recently bought and sold shares of the company. Marshall Wace LLP acquired a new stake in shares of Cenovus Energy during the first quarter worth about $25,000. SeaBridge Investment Advisors LLC increased its position in shares of Cenovus Energy by 66.7% during the second quarter. SeaBridge Investment Advisors LLC now owns 5,000 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 2,000 shares in the last quarter. Elkfork Partners LLC increased its position in shares of Cenovus Energy by 21.0% during the second quarter. Elkfork Partners LLC now owns 7,480 shares of the oil and gas company’s stock worth $64,000 after purchasing an additional 1,298 shares in the last quarter. Meadow Creek Investment Management LLC increased its position in shares of Cenovus Energy by 21.0% during the second quarter. Meadow Creek Investment Management LLC now owns 9,520 shares of the oil and gas company’s stock worth $81,000 after purchasing an additional 1,652 shares in the last quarter. Finally, United Services Automobile Association acquired a new stake in shares of Cenovus Energy during the second quarter worth about $98,000. Institutional investors and hedge funds own 76.42% of the company’s stock.
NYSE:CVE traded down $0.06 during midday trading on Thursday, reaching $8.68. The company had a trading volume of 4,483,369 shares, compared to its average volume of 4,204,952. The firm has a market capitalization of $10.55 billion, a price-to-earnings ratio of -4.99, a PEG ratio of 3.04 and a beta of 0.94. The stock’s fifty day simple moving average is $9.10 and its 200-day simple moving average is $8.98. Cenovus Energy has a 12-month low of $6.15 and a 12-month high of $10.82. The company has a current ratio of 1.02, a quick ratio of 0.54 and a debt-to-equity ratio of 0.41.
The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.038 dividend. The ex-dividend date of this dividend was Thursday, September 12th. 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%. Cenovus Energy’s dividend payout ratio (DPR) is currently -8.62%.
About Cenovus Energy
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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