In the latest trading session, Cenovus Energy (CVE - Free Report) closed at $19.33, marking a +0.1% move from the previous day. The stock lagged the S&P 500's daily gain of 0.4%. Elsewhere, the Dow gained 0.33%, while the tech-heavy Nasdaq lost 1.1%.Heading into today, shares of the oil company had gained 6.04% over the past month, outpacing the Oils-Energy sector's gain of 5.03% and the S&P 500's loss of 0.01% in that time.Wall Street will be looking for positivity from Cenovus Energy as it approaches its next earnings report date.
In that report, analysts expect Cenovus Energy to post earnings of $0.66 per share. This would mark year-over-year growth of 53.49%. Meanwhile, our latest consensus estimate is calling for revenue of $9.75 billion, down 10.43% from the prior-year quarter.Any recent changes to analyst estimates for Cenovus Energy should also be noted by investors.
Recent revisions tend to reflect the latest near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon.
Our system takes these estimate changes into account and delivers a clear, actionable rating model.The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. Cenovus Energy is currently sporting a Zacks Rank of #3 (Hold).Valuation is also important, so investors should note that Cenovus Energy has a Forward P/E ratio of 7.9 right now.
For comparison, its industry has an average Forward P/E of 7.97, which means Cenovus Energy is trading at a discount to the group.The Oil and Gas - Integrated - Canadian industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 187, which puts it in the bottom 26% of all 250+ industries.The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.