Brokerages Anticipate Cenovus Energy Inc (CVE) Will Post Quarterly Sales of $3.75 Billion

Equities research analysts predict that Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) will announce $3.75 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have issued estimates for Cenovus Energy’s earnings. The lowest sales estimate is $3.29 billion and the highest is $4.21 billion. Cenovus Energy reported sales of $3.72 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 0.8%. The company is expected to announce its next quarterly earnings report before the market opens on Wednesday, April 24th.

According to Zacks, analysts expect that Cenovus Energy will report full year sales of $15.10 billion for the current financial year, with estimates ranging from $13.42 billion to $16.90 billion. For the next financial year, analysts forecast that the business will post sales of $15.84 billion, with estimates ranging from $13.98 billion to $17.57 billion. Zacks’ sales averages are an average based on a survey of research firms that cover Cenovus Energy.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Wednesday, February 13th. The oil and gas company reported ($1.03) EPS for the quarter, missing the Zacks’ 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 prior year, the business earned ($0.42) earnings per share.

Several equities research analysts have recently issued reports on the company. Royal Bank of Canada reaffirmed a “buy” rating and issued a $13.00 target price on shares of Cenovus Energy in a report on Monday, January 7th. ValuEngine raised Cenovus Energy from a “hold” rating to a “buy” rating in a report on Friday, March 1st. Credit Suisse Group assumed coverage on Cenovus Energy in a report on Monday, January 28th. They issued an “outperform” rating and a $15.00 target price on the stock. CIBC cut Cenovus Energy from a “sector outperform” rating to a “neutral” rating in a report on Thursday, January 31st. Finally, BMO Capital Markets reaffirmed an “average” rating and issued a $13.50 target price on shares of Cenovus Energy in a report on Monday, January 7th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $12.82.

NYSE:CVE opened at $9.86 on Wednesday. The company has a current ratio of 1.23, a quick ratio of 0.84 and a debt-to-equity ratio of 0.49. The stock has a market cap of $12.17 billion, a price-to-earnings ratio of -5.67, a price-to-earnings-growth ratio of 4.24 and a beta of 0.78. Cenovus Energy has a 52 week low of $6.15 and a 52 week high of $11.47.

The company also recently announced a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Friday, March 15th were issued a $0.0377 dividend. The ex-dividend date of this dividend was Thursday, March 14th. This represents a $0.15 annualized dividend and a dividend yield of 1.53%. Cenovus Energy’s dividend payout ratio (DPR) is -8.62%.

Several hedge funds have recently modified their holdings of CVE. Norges Bank purchased a new position in Cenovus Energy in the fourth quarter worth about $58,839,000. Harris Associates L P grew its position in Cenovus Energy by 10.0% in the fourth quarter. Harris Associates L P now owns 73,886,985 shares of the oil and gas company’s stock worth $519,340,000 after acquiring an additional 6,694,276 shares in the last quarter. Waratah Capital Advisors Ltd. purchased a new position in Cenovus Energy in the fourth quarter worth about $14,645,000. Letko Brosseau & Associates Inc. grew its position in Cenovus Energy by 3.6% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 41,302,859 shares of the oil and gas company’s stock worth $290,311,000 after acquiring an additional 1,440,030 shares in the last quarter. Finally, Mackenzie Financial Corp grew its position in Cenovus Energy by 28.4% in the fourth quarter. Mackenzie Financial Corp now owns 6,431,119 shares of the oil and gas company’s stock worth $45,211,000 after acquiring an additional 1,421,284 shares in the last quarter. 77.74% of the stock is currently owned by hedge funds and other institutional investors.

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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