Cenovus Energy Inc (CVE) Expected to Announce Quarterly Sales of $4.07 Billion

Wall Street brokerages predict that Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) will post sales of $4.07 billion for the current quarter, according to Zacks Investment Research. Two analysts have issued estimates for Cenovus Energy’s earnings, with the highest sales estimate coming in at $4.26 billion and the lowest estimate coming in at $3.87 billion. Cenovus Energy posted sales of $2.48 billion during the same quarter last year, which would indicate a positive year over year growth rate of 64.1%. The business is scheduled to announce its next quarterly earnings report before the market opens on Thursday, November 2nd.

According to Zacks, analysts expect that Cenovus Energy will report full-year sales of $4.07 billion for the current year, with estimates ranging from $13.46 billion to $15.37 billion. For the next year, analysts expect that the firm will report sales of $15.35 billion per share, with estimates ranging from $13.02 billion to $17.30 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Cenovus Energy.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, July 27th. The oil and gas company reported $0.27 EPS for the quarter, beating analysts’ consensus estimates of $0.03 by $0.24. The firm had revenue of $3.03 billion for the quarter, compared to analysts’ expectations of $3.40 billion. Cenovus Energy had a return on equity of 3.20% and a net margin of 17.89%. During the same quarter in the prior year, the firm posted ($0.05) earnings per share.

CVE has been the topic of a number of research reports. Macquarie lowered shares of Cenovus Energy from a “neutral” rating to an “underperform” rating in a research note on Wednesday, June 21st. Canaccord Genuity raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, June 21st. Goldman Sachs Group, Inc. (The) reissued a “neutral” rating and issued a $8.00 target price on shares of Cenovus Energy in a research note on Thursday, June 22nd. BidaskClub lowered shares of Cenovus Energy from a “sell” rating to a “strong sell” rating in a research note on Thursday, June 22nd. Finally, National Bank Financial assumed coverage on shares of Cenovus Energy in a report on Tuesday, June 27th. They set a “sector perform” rating for the company. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $15.59.

Cenovus Energy (NYSE:CVE) traded up 0.10% on Friday, hitting $9.73. The stock had a trading volume of 1,658,633 shares. The stock has a market cap of $11.96 billion, a PE ratio of 3.97 and a beta of 0.59. Cenovus Energy has a 12 month low of $6.76 and a 12 month high of $16.82. The firm’s 50 day moving average price is $9.20 and its 200-day moving average price is $8.84.

The business also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Friday, September 15th were issued a $0.039 dividend. This represents a $0.16 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend was Thursday, September 14th. This is an increase from Cenovus Energy’s previous quarterly dividend of $0.04. Cenovus Energy’s dividend payout ratio (DPR) is 8.89%.

A number of institutional investors have recently bought and sold shares of the stock. FMR LLC increased its holdings in Cenovus Energy by 23.7% in the 2nd quarter. FMR LLC now owns 54,026,588 shares of the oil and gas company’s stock valued at $398,284,000 after purchasing an additional 10,341,993 shares during the last quarter. TD Asset Management Inc. increased its holdings in Cenovus Energy by 5.3% in the 2nd quarter. TD Asset Management Inc. now owns 43,148,765 shares of the oil and gas company’s stock valued at $317,627,000 after purchasing an additional 2,169,650 shares during the last quarter. First Eagle Investment Management LLC increased its holdings in Cenovus Energy by 1.4% in the 2nd quarter. First Eagle Investment Management LLC now owns 32,113,640 shares of the oil and gas company’s stock valued at $236,678,000 after purchasing an additional 437,897 shares during the last quarter. Letko Brosseau & Associates Inc. increased its holdings in Cenovus Energy by 37.1% in the 2nd quarter. Letko Brosseau & Associates Inc. now owns 27,158,632 shares of the oil and gas company’s stock valued at $199,920,000 after purchasing an additional 7,354,590 shares during the last quarter. Finally, Burgundy Asset Management Ltd. increased its holdings in Cenovus Energy by 49.0% in the 2nd quarter. Burgundy Asset Management Ltd. now owns 25,289,102 shares of the oil and gas company’s stock valued at $186,301,000 after purchasing an additional 8,322,165 shares during the last quarter. Hedge funds and other institutional investors own 56.17% of the company’s stock.

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