Brokerages Anticipate Cenovus Energy Inc (NYSE:CVE) Will Announce Quarterly Sales of $4.22 Billion

Equities analysts expect that Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) will announce $4.22 billion in sales for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Cenovus Energy’s earnings, with the highest sales estimate coming in at $4.27 billion and the lowest estimate coming in at $4.16 billion. Cenovus Energy posted sales of $4.70 billion in the same quarter last year, which would indicate a negative year-over-year growth rate of 10.2%. The firm is scheduled to issue 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 sales of $15.67 billion for the current fiscal year, with estimates ranging from $13.93 billion to $16.92 billion. For the next fiscal year, analysts anticipate that the business will report sales of $14.21 billion, with estimates ranging from $10.63 billion to $16.78 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Cenovus Energy.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, July 25th. The oil and gas company reported $0.16 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.23 by ($0.07). Cenovus Energy had a negative return on equity of 8.70% and a net margin of 1.25%. The company had revenue of $4.43 billion for the quarter, compared to analyst estimates of $4.38 billion. During the same quarter in the prior year, the firm earned ($0.24) earnings per share.

CVE has been the subject of several research reports. Citigroup upgraded Cenovus Energy from a “neutral” rating to a “buy” rating in a research report on Monday, October 7th. Royal Bank of Canada cut their price target on Cenovus Energy from $17.00 to $15.00 and set a “buy” rating for the company in a report on Friday. AltaCorp Capital upgraded Cenovus Energy from a “sector perform” rating to an “outperform” rating in a report on Monday, October 7th. UBS Group boosted their price target on Cenovus Energy from $12.50 to $13.00 and gave the company a “neutral” rating in a report on Thursday, October 3rd. Finally, Goldman Sachs Group upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and set a $12.00 price target for the company in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. Cenovus Energy presently has a consensus rating of “Buy” and a consensus price target of $13.93.

A number of institutional investors and hedge funds have recently modified their holdings of the business. TD Asset Management Inc. grew its stake in shares of Cenovus Energy by 4.2% during the 2nd quarter. TD Asset Management Inc. now owns 43,206,265 shares of the oil and gas company’s stock valued at $381,888,000 after buying an additional 1,739,611 shares during the period. D. E. Shaw & Co. Inc. grew its stake in shares of Cenovus Energy by 140.0% during the 2nd quarter. D. E. Shaw & Co. Inc. now owns 2,674,088 shares of the oil and gas company’s stock valued at $23,590,000 after buying an additional 1,559,840 shares during the period. Caymus Capital Partners L.P. purchased a new stake in shares of Cenovus Energy during the 2nd quarter valued at $12,680,000. Hillsdale Investment Management Inc. grew its stake in shares of Cenovus Energy by 367.1% during the 2nd quarter. Hillsdale Investment Management Inc. now owns 1,448,100 shares of the oil and gas company’s stock valued at $12,759,000 after buying an additional 1,138,100 shares during the period. Finally, JPMorgan Chase & Co. grew its stake in shares of Cenovus Energy by 47.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,936,385 shares of the oil and gas company’s stock valued at $25,988,000 after buying an additional 940,589 shares during the period. Institutional investors own 76.42% of the company’s stock.

Shares of Cenovus Energy stock traded down $0.06 during trading on Thursday, hitting $8.68. 4,483,369 shares of the company were exchanged, compared to its average volume of 4,204,952. The company has a quick ratio of 0.54, a current ratio of 1.02 and a debt-to-equity ratio of 0.41. Cenovus Energy has a fifty-two week low of $6.15 and a fifty-two week high of $10.82. The stock has a market capitalization of $10.55 billion, a price-to-earnings ratio of -4.99, a P/E/G ratio of 3.04 and a beta of 0.94. The firm has a 50 day moving average price of $9.10 and a 200 day moving average price of $8.98.

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Friday, September 13th were issued a $0.038 dividend. The ex-dividend date of this dividend was Thursday, September 12th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. This represents a $0.15 annualized dividend and a yield of 1.75%. Cenovus Energy’s payout ratio is -8.62%.

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 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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Earnings History and Estimates for Cenovus Energy (NYSE:CVE)

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