Zacks: Analysts Expect Cenovus Energy Inc (CVE) Will Announce Quarterly Sales of $3.95 Billion

Wall Street analysts forecast that Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) will report sales of $3.95 billion for the current quarter, Zacks reports. Two analysts have made estimates for Cenovus Energy’s earnings, with estimates ranging from $3.79 billion to $4.12 billion. Cenovus Energy posted sales of $2.73 billion during the same quarter last year, which would indicate a positive year over year growth rate of 44.7%. The company is scheduled to issue its next earnings report before the market opens on Thursday, February 15th.

According to Zacks, analysts expect that Cenovus Energy will report full-year sales of $3.95 billion for the current year, with estimates ranging from $14.07 billion to $14.48 billion. For the next fiscal year, analysts forecast that the firm will report sales of $15.25 billion per share, with estimates ranging from $14.82 billion to $15.79 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Cenovus Energy.

Several equities research analysts have issued reports on CVE shares. Canaccord Genuity restated a “buy” rating and set a $15.50 price objective on shares of Cenovus Energy in a report on Monday, October 30th. Zacks Investment Research upgraded Cenovus Energy from a “hold” rating to a “buy” rating and set a $11.00 price objective on the stock in a report on Thursday, October 19th. Desjardins restated a “hold” rating on shares of Cenovus Energy in a report on Friday, January 12th. Scotiabank downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Wednesday, November 15th. Finally, AltaCorp Capital downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Thursday, November 9th. Five investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have issued a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $14.42.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd increased its holdings in shares of Cenovus Energy by 12.1% in the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 28,063 shares of the oil and gas company’s stock valued at $207,000 after acquiring an additional 3,021 shares during the last quarter. Verition Fund Management LLC increased its holdings in shares of Cenovus Energy by 22.7% in the 2nd quarter. Verition Fund Management LLC now owns 22,856 shares of the oil and gas company’s stock valued at $168,000 after acquiring an additional 4,233 shares during the last quarter. Stifel Financial Corp increased its holdings in shares of Cenovus Energy by 29.1% in the 3rd quarter. Stifel Financial Corp now owns 29,426 shares of the oil and gas company’s stock valued at $293,000 after acquiring an additional 6,626 shares during the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its holdings in shares of Cenovus Energy by 5.0% in the 3rd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 165,600 shares of the oil and gas company’s stock valued at $1,327,000 after acquiring an additional 7,900 shares during the last quarter. Finally, Bank of Nova Scotia Trust Co. increased its holdings in shares of Cenovus Energy by 28.7% in the 3rd quarter. Bank of Nova Scotia Trust Co. now owns 36,501 shares of the oil and gas company’s stock valued at $366,000 after acquiring an additional 8,135 shares during the last quarter. Institutional investors and hedge funds own 73.26% of the company’s stock.

Shares of Cenovus Energy (NYSE CVE) opened at $7.91 on Thursday. The company has a current ratio of 1.41, a quick ratio of 1.10 and a debt-to-equity ratio of 0.62. Cenovus Energy has a twelve month low of $6.76 and a twelve month high of $14.46. The stock has a market capitalization of $9,740.00, a P/E ratio of 3.48, a price-to-earnings-growth ratio of 5.93 and a beta of 0.67.

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About Cenovus Energy

Cenovus Energy Inc is a Canada-based integrated oil company. It operates in the business of developing, producing and marketing crude oil, Natural Gas Liquids (NGLs) and natural gas in Canada. The Company also conducts marketing activities and owns refining interests in the United States (U.S.). Its segments include: Oil Sands, which includes the development and production of bitumen and natural gas in northeast Alberta; Conventional, which includes the development and production of conventional crude oil, NGLs and natural gas in Alberta and Saskatchewan, including the heavy oil assets at Pelican Lake, the carbon dioxide (CO2) enhanced oil recovery (EOR) project at Weyburn and emerging tight oil opportunities; Refining and Marketing, which includes transporting and selling crude oil and natural gas and joint ownership of refineries in the U.S., as well as Corporate and Eliminations.

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