$4.27 Billion in Sales Expected for Cenovus Energy Inc (CVE) This Quarter

Brokerages expect Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) to report $4.27 billion in sales for the current fiscal quarter, Zacks reports. Two analysts have made estimates for Cenovus Energy’s earnings. Cenovus Energy posted sales of $3.55 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 20.3%. The business is expected to announce its next earnings results on Thursday, November 1st.

According to Zacks, analysts expect that Cenovus Energy will report full year sales of $16.46 billion for the current fiscal year, with estimates ranging from $16.19 billion to $16.69 billion. For the next year, analysts forecast that the firm will report sales of $16.58 billion per share, with estimates ranging from $15.76 billion to $18.17 billion. Zacks’ sales calculations are an average based on a survey of research analysts that that provide coverage for Cenovus Energy.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, July 26th. The oil and gas company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.21). Cenovus Energy had a negative return on equity of 6.66% and a negative net margin of 2.56%. The company had revenue of $4.67 billion during the quarter, compared to analysts’ expectations of $4.25 billion. During the same quarter in the previous year, the company earned $0.36 EPS.

A number of analysts have recently commented on the company. Canaccord Genuity downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Thursday, August 16th. Tudor Pickering downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, August 14th. Macquarie upgraded Cenovus Energy from an “underperform” rating to a “neutral” rating in a research note on Wednesday, August 1st. ValuEngine upgraded Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Saturday, June 2nd. Finally, National Bank Financial upgraded Cenovus Energy from a “sector perform overweight” rating to an “outperform overweight” rating in a research note on Thursday, May 31st. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $14.08.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Oxbow Advisors LLC raised its holdings in Cenovus Energy by 3.2% in the 2nd quarter. Oxbow Advisors LLC now owns 228,160 shares of the oil and gas company’s stock worth $2,368,000 after purchasing an additional 7,160 shares during the period. Aperio Group LLC raised its holdings in shares of Cenovus Energy by 63.9% during the first quarter. Aperio Group LLC now owns 220,727 shares of the oil and gas company’s stock valued at $1,885,000 after acquiring an additional 86,030 shares during the last quarter. LPL Financial LLC acquired a new position in shares of Cenovus Energy during the first quarter valued at approximately $560,000. Guggenheim Capital LLC raised its holdings in shares of Cenovus Energy by 13.0% during the first quarter. Guggenheim Capital LLC now owns 541,746 shares of the oil and gas company’s stock valued at $4,623,000 after acquiring an additional 62,283 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Cenovus Energy during the second quarter valued at approximately $819,000. 74.63% of the stock is owned by institutional investors.

Shares of CVE traded up $0.13 during mid-day trading on Friday, reaching $9.81. The company had a trading volume of 2,171,408 shares, compared to its average volume of 4,000,050. Cenovus Energy has a 52-week low of $7.09 and a 52-week high of $11.52. The company has a quick ratio of 0.81, a current ratio of 1.17 and a debt-to-equity ratio of 0.53. The company has a market capitalization of $11.89 billion, a price-to-earnings ratio of -488.75 and a beta of 0.66.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Friday, September 14th will be issued a $0.038 dividend. The ex-dividend date is Thursday, September 13th. This represents a $0.15 dividend on an annualized basis and a yield of 1.55%. Cenovus Energy’s payout ratio is -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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