Cenovus Energy Inc (CVE) Expected to Post Earnings of $0.11 Per Share

Wall Street analysts expect Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) to post earnings of $0.11 per share for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Cenovus Energy’s earnings, with the highest EPS estimate coming in at $0.15 and the lowest estimate coming in at $0.02. Cenovus Energy reported earnings of ($0.48) per share during the same quarter last year, which would indicate a positive year-over-year growth rate of 122.9%. The business is expected to issue its next quarterly earnings results before the market opens on Wednesday, April 24th.

On average, analysts expect that Cenovus Energy will report full-year earnings of $0.39 per share for the current year, with EPS estimates ranging from $0.20 to $0.71. For the next fiscal year, analysts anticipate that the business will report earnings of $0.56 per share, with EPS estimates ranging from $0.23 to $0.79. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research firms that that provide coverage for Cenovus Energy.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Wednesday, February 13th. The oil and gas company reported ($1.03) earnings per share for the quarter, missing the consensus estimate of ($0.16) by ($0.87). The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.78 billion. Cenovus Energy had a negative net margin of 12.41% and a negative return on equity of 15.71%. During the same period in the previous year, the firm earned ($0.42) EPS.

A number of analysts have recently commented on CVE shares. Royal Bank of Canada reissued a “buy” rating and issued a $13.00 price objective on shares of Cenovus Energy in a research note on Monday, January 7th. ValuEngine upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Friday, March 1st. Credit Suisse Group initiated coverage on Cenovus Energy in a research report on Monday, January 28th. They set an “outperform” rating and a $15.00 price target on the stock. CIBC lowered Cenovus Energy from a “sector outperform” rating to a “neutral” rating in a research report on Thursday, January 31st. Finally, BMO Capital Markets reiterated an “average” rating and issued a $13.50 price objective on shares of Cenovus Energy in a research report on Monday, January 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $13.13.

Shares of CVE traded down $0.11 during midday trading on Monday, reaching $9.79. The stock had a trading volume of 219,481 shares, compared to its average volume of 4,421,679. Cenovus Energy has a 52 week low of $6.15 and a 52 week high of $11.47. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.84 and a current ratio of 1.23. The company has a market capitalization of $12.17 billion, a PE ratio of -5.61, a P/E/G ratio of 4.23 and a beta of 0.78.

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Friday, March 15th were given a $0.0377 dividend. The ex-dividend date was Thursday, March 14th. This represents a $0.15 dividend on an annualized basis and a yield of 1.54%. Cenovus Energy’s payout ratio is -8.62%.

Hedge funds have recently bought and sold shares of the company. Whittier Trust Co. lifted its stake in shares of Cenovus Energy by 52.8% in the 4th quarter. Whittier Trust Co. now owns 11,876 shares of the oil and gas company’s stock valued at $84,000 after purchasing an additional 4,104 shares during the period. Blume Capital Management Inc. lifted its stake in shares of Cenovus Energy by 21.6% in the 4th quarter. Blume Capital Management Inc. now owns 12,381 shares of the oil and gas company’s stock valued at $87,000 after purchasing an additional 2,200 shares during the period. Acadian Asset Management LLC lifted its stake in shares of Cenovus Energy by 1,540.0% in the 4th quarter. Acadian Asset Management LLC now owns 16,400 shares of the oil and gas company’s stock valued at $115,000 after purchasing an additional 15,400 shares during the period. Stevens Capital Management LP acquired a new position in shares of Cenovus Energy in the 4th quarter valued at $156,000. Finally, Raymond James & Associates lifted its stake in shares of Cenovus Energy by 79.6% in the 4th quarter. Raymond James & Associates now owns 32,630 shares of the oil and gas company’s stock valued at $230,000 after purchasing an additional 14,464 shares during the period. 77.74% of the stock is currently owned by institutional investors.

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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