Brokerages expect Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) to post earnings of $0.14 per share for the current fiscal quarter, Zacks reports. Two analysts have provided 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 business is scheduled to report 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 earnings of $0.47 per share for the current year, with EPS estimates ranging from $0.32 to $0.59. For the next year, analysts forecast that the company will report earnings of $0.33 per share, with EPS estimates ranging from ($0.19) to $0.71. Zacks Investment Research’s EPS averages are a mean average based on a survey of analysts that that provide coverage for Cenovus Energy.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, July 25th. The oil and gas company reported $0.16 EPS for the quarter, missing the Zacks’ consensus estimate of $0.23 by ($0.07). The firm had revenue of $4.43 billion during the quarter, compared to analyst estimates of $4.38 billion. Cenovus Energy had a negative return on equity of 8.70% and a net margin of 1.25%. During the same quarter last year, the business posted ($0.24) earnings per share.
CVE has been the subject of a number of research reports. CIBC set a $16.00 price target on Cenovus Energy and gave the stock a “buy” rating in a research note on Tuesday, October 15th. AltaCorp Capital upgraded Cenovus Energy from a “sector perform” rating to an “outperform” rating in a research note on Monday, October 7th. UBS Group lifted their target price on Cenovus Energy from $12.50 to $13.00 and gave the company a “neutral” rating in a research note on Thursday, October 3rd. Royal Bank of Canada decreased their target price on Cenovus Energy from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Friday. Finally, Citigroup upgraded Cenovus Energy from a “neutral” rating to a “buy” rating in a research note on Monday, October 7th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have given a buy rating to the company. Cenovus Energy currently has a consensus rating of “Buy” and an average price target of $13.93.
NYSE:CVE traded down $0.06 during mid-day trading on Tuesday, reaching $8.68. The stock had a trading volume of 4,483,369 shares, compared to its average volume of 4,204,952. The company has a market capitalization of $10.55 billion, a price-to-earnings ratio of -4.99, a price-to-earnings-growth ratio of 3.04 and a beta of 0.94. Cenovus Energy has a 1-year low of $6.15 and a 1-year high of $10.82. The stock’s 50 day simple moving average is $9.10 and its two-hundred day simple moving average is $8.98. 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 business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were paid a $0.038 dividend. This is an increase 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 was Thursday, September 12th. Cenovus Energy’s payout ratio is presently -8.62%.
A number of hedge funds have recently modified their holdings of the business. Marshall Wace LLP acquired a new stake in Cenovus Energy during the first quarter worth about $25,000. Marshall Wace North America L.P. acquired a new stake in Cenovus Energy during the first quarter worth about $858,000. Mak Capital One LLC acquired a new stake in Cenovus Energy during the first quarter worth about $17,420,000. Hexavest Inc. grew its holdings in Cenovus Energy by 59.9% during the second quarter. Hexavest Inc. now owns 495,337 shares of the oil and gas company’s stock worth $4,378,000 after acquiring an additional 185,643 shares during the period. Finally, Nexus Investment Management Inc. grew its holdings in Cenovus Energy by 1.3% during the second quarter. Nexus Investment Management Inc. now owns 1,634,000 shares of the oil and gas company’s stock worth $14,411,000 after acquiring an additional 21,550 shares during the period. Institutional investors own 76.42% of the company’s stock.
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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