Brokerages Anticipate Cenovus Energy Inc (CVE) Will Announce Quarterly Sales of $4.41 Billion

Wall Street brokerages expect Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) to post $4.41 billion in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Cenovus Energy’s earnings, with estimates ranging from $4.35 billion to $4.47 billion. Cenovus Energy reported sales of $4.67 billion in the same quarter last year, which indicates a negative year-over-year growth rate of 5.6%. The company is scheduled to announce its next earnings report on Thursday, July 25th.

According to Zacks, analysts expect that Cenovus Energy will report full-year sales of $16.05 billion for the current year, with estimates ranging from $13.53 billion to $17.94 billion. For the next financial year, analysts forecast that the business will post sales of $16.37 billion, with estimates ranging from $13.88 billion to $17.92 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that that provide coverage for Cenovus Energy.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, April 24th. The oil and gas company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.13 by ($0.08). The business had revenue of $3.91 billion during the quarter, compared to analysts’ expectations of $3.75 billion. Cenovus Energy had a negative net margin of 8.68% and a negative return on equity of 11.69%. During the same period last year, the company earned ($0.74) earnings per share.

Several research firms recently issued reports on CVE. Morgan Stanley reiterated a “hold” rating on shares of Cenovus Energy in a research note on Tuesday, January 29th. GMP Securities reiterated a “buy” rating and issued a $17.50 target price on shares of Cenovus Energy in a research note on Thursday, April 25th. ValuEngine cut shares of Cenovus Energy from a “hold” rating to a “sell” rating in a research note on Thursday, January 24th. CIBC cut shares of Cenovus Energy from a “sector outperform” rating to a “neutral” rating in a research note on Thursday, January 31st. Finally, Goldman Sachs Group upgraded shares of Cenovus Energy from a “sell” rating to a “neutral” rating and set a $11.00 target price for the company in a research note on Tuesday, April 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $13.41.

Shares of CVE stock traded down $0.12 during trading hours on Friday, hitting $8.83. The company’s stock had a trading volume of 5,987,300 shares, compared to its average volume of 4,720,894. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.10 and a quick ratio of 0.65. Cenovus Energy has a 12-month low of $6.15 and a 12-month high of $11.47. The company has a market capitalization of $10.79 billion, a P/E ratio of -5.07, a price-to-earnings-growth ratio of 2.52 and a beta of 0.85.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Friday, June 14th will be given a dividend of $0.0373 per share. This represents a $0.15 dividend on an annualized basis and a yield of 1.69%. The ex-dividend date of this dividend is Thursday, June 13th. Cenovus Energy’s dividend payout ratio is presently -8.62%.

A number of large investors have recently bought and sold shares of the business. Oxford Asset Management LLP acquired a new stake in shares of Cenovus Energy in the first quarter valued at about $430,000. Wellington Management Group LLP acquired a new stake in shares of Cenovus Energy in the first quarter valued at about $1,941,000. Marshall Wace LLP acquired a new stake in shares of Cenovus Energy in the first quarter valued at about $25,000. Geode Capital Management LLC raised its position in shares of Cenovus Energy by 14.7% in the first quarter. Geode Capital Management LLC now owns 980,633 shares of the oil and gas company’s stock valued at $8,440,000 after buying an additional 125,324 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in shares of Cenovus Energy in the first quarter valued at about $4,370,000. Institutional investors own 78.02% 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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