$4.13 Billion in Sales Expected for Cenovus Energy Inc (CVE) This Quarter

Brokerages expect Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) to report $4.13 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Two analysts have provided estimates for Cenovus Energy’s earnings, with the lowest sales estimate coming in at $4.05 billion and the highest estimate coming in at $4.21 billion. Cenovus Energy posted sales of $4.00 billion in the same quarter last year, which would suggest a positive year over year growth rate of 3.3%. The company is scheduled to report its next quarterly earnings results on Thursday, February 21st.

On average, analysts expect that Cenovus Energy will report full year sales of $16.70 billion for the current year, with estimates ranging from $16.44 billion to $17.03 billion. For the next year, analysts expect that the company will post sales of $17.76 billion, with estimates ranging from $17.18 billion to $18.78 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Cenovus Energy.

A number of brokerages have recently weighed in on CVE. Zacks Investment Research reissued a “buy” rating and set a $9.25 price objective on shares of Cenovus Energy in a research note on Tuesday. Raymond James reissued a “hold” rating on shares of Cenovus Energy in a research note on Thursday, November 1st. Scotiabank raised shares of Cenovus Energy from a “sector perform” rating to a “buy” rating in a research note on Tuesday, October 30th. TD Securities raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Monday, October 22nd. Finally, Canaccord Genuity reissued a “hold” rating on shares of Cenovus Energy in a research note on Tuesday, October 16th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $13.06.

Shares of CVE traded down $0.20 during mid-day trading on Wednesday, reaching $8.13. 6,196,323 shares of the company’s stock were exchanged, compared to its average volume of 4,014,173. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.26 and a quick ratio of 0.91. Cenovus Energy has a 52-week low of $7.09 and a 52-week high of $11.47. The stock has a market cap of $10.69 billion, a price-to-earnings ratio of -406.50 and a beta of 0.76.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 31st. Stockholders of record on Friday, December 14th will be paid a dividend of $0.0382 per share. This represents a $0.15 dividend on an annualized basis and a dividend yield of 1.88%. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.04. The ex-dividend date is Thursday, December 13th. Cenovus Energy’s dividend payout ratio (DPR) is -750.00%.

A number of hedge funds have recently added to or reduced their stakes in the business. FIL Ltd grew its stake in Cenovus Energy by 2.3% in the 3rd quarter. FIL Ltd now owns 49,490,561 shares of the oil and gas company’s stock worth $496,954,000 after acquiring an additional 1,113,738 shares during the period. Letko Brosseau & Associates Inc. grew its stake in Cenovus Energy by 0.5% in the 2nd quarter. Letko Brosseau & Associates Inc. now owns 39,769,651 shares of the oil and gas company’s stock worth $412,677,000 after acquiring an additional 194,244 shares during the period. Capital International Investors purchased a new stake in Cenovus Energy in the 3rd quarter worth approximately $291,904,000. Capital Research Global Investors grew its stake in Cenovus Energy by 41.3% in the 3rd quarter. Capital Research Global Investors now owns 22,825,232 shares of the oil and gas company’s stock worth $229,198,000 after acquiring an additional 6,672,019 shares during the period. Finally, CIBC Asset Management Inc grew its stake in Cenovus Energy by 51.7% in the 3rd quarter. CIBC Asset Management Inc now owns 19,301,225 shares of the oil and gas company’s stock worth $193,660,000 after acquiring an additional 6,574,007 shares during the period. 74.32% of the stock is owned by hedge funds and other 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 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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Earnings History and Estimates for Cenovus Energy (NYSE:CVE)

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