Analysts Anticipate Cenovus Energy Inc (CVE) Will Announce Quarterly Sales of $4.13 Billion

Analysts forecast that Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) will post sales of $4.13 billion for the current quarter, Zacks reports. Two analysts have issued estimates for Cenovus Energy’s earnings. The highest sales estimate is $4.21 billion and the lowest is $4.05 billion. Cenovus Energy posted sales of $4.00 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 3.3%. The business is expected to report its next quarterly earnings report on Thursday, February 21st.

According to Zacks, analysts expect that Cenovus Energy will report full-year sales of $16.62 billion for the current financial year, with estimates ranging from $16.40 billion to $17.03 billion. For the next financial year, analysts anticipate that the business will post sales of $17.82 billion, with estimates ranging from $17.18 billion to $18.78 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Cenovus Energy.

A number of research firms recently weighed in on CVE. Canaccord Genuity reaffirmed a “hold” rating on shares of Cenovus Energy in a report on Tuesday, October 16th. JPMorgan Chase & Co. raised Cenovus Energy from a “neutral” rating to an “overweight” rating in a report on Monday, September 10th. Macquarie raised Cenovus Energy from an “underperform” rating to a “neutral” rating in a report on Wednesday, August 1st. CIBC began coverage on Cenovus Energy in a report on Friday, October 5th. They set a “sector outperform” rating for the company. Finally, TheStreet cut Cenovus Energy from a “c-” rating to a “d+” rating in a report on Tuesday, October 2nd. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $14.33.

Several institutional investors have recently made changes to their positions in the business. D.A. Davidson & CO. raised its holdings in shares of Cenovus Energy by 10.0% during the second quarter. D.A. Davidson & CO. now owns 66,107 shares of the oil and gas company’s stock valued at $686,000 after acquiring an additional 6,001 shares during the last quarter. United Services Automobile Association raised its holdings in shares of Cenovus Energy by 46.5% during the second quarter. United Services Automobile Association now owns 21,948 shares of the oil and gas company’s stock valued at $228,000 after acquiring an additional 6,969 shares during the last quarter. Oxbow Advisors LLC raised its holdings in shares of Cenovus Energy by 3.2% during the second quarter. Oxbow Advisors LLC now owns 228,160 shares of the oil and gas company’s stock valued at $2,368,000 after acquiring an additional 7,160 shares during the last quarter. Blume Capital Management Inc. raised its holdings in shares of Cenovus Energy by 375.5% during the third quarter. Blume Capital Management Inc. now owns 10,181 shares of the oil and gas company’s stock valued at $102,000 after acquiring an additional 8,040 shares during the last quarter. Finally, Crossmark Global Holdings Inc. raised its holdings in shares of Cenovus Energy by 12.8% during the third quarter. Crossmark Global Holdings Inc. now owns 77,620 shares of the oil and gas company’s stock valued at $779,000 after acquiring an additional 8,806 shares during the last quarter. 74.04% of the stock is owned by institutional investors and hedge funds.

NYSE CVE traded down $0.24 during trading hours on Wednesday, reaching $8.94. The company’s stock had a trading volume of 4,225,931 shares, compared to its average volume of 4,406,072. The stock has a market capitalization of $11.29 billion, a price-to-earnings ratio of -447.00 and a beta of 0.76. Cenovus Energy has a 1-year low of $7.09 and a 1-year high of $11.48. The company has a current ratio of 1.26, a quick ratio of 0.91 and a debt-to-equity ratio of 0.47.

The company also recently announced a quarterly dividend, which will be paid on Monday, December 31st. Shareholders of record on Friday, December 14th will be issued a dividend of $0.0382 per share. The ex-dividend date of this dividend is Thursday, December 13th. This represents a $0.15 dividend on an annualized basis and a dividend yield of 1.71%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s dividend payout ratio is presently -750.00%.

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 and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.

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