The upcoming report from Cenovus Energy (CVE) is expected to reveal quarterly earnings of $0.18 per share, indicating a decline of 37.9% compared to the year-ago period. Analysts forecast revenues of $9.99 billion, representing an increase of 3.6% year over year.
The current level reflects an upward revision of 15.1% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
Given this perspective, it's time to examine the average forecasts of specific Cenovus metrics that are routinely monitored and predicted by Wall Street analysts.
Analysts predict that the 'Total Upstream Production' will reach 811.03 millions of barrels of oil equivalent per day. The estimate is in contrast to the year-ago figure of 808.6 millions of barrels of oil equivalent per day.
Analysts forecast 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Christina Lake' to reach 251.37 millions of barrels of oil per day. The estimate is in contrast to the year-ago figure of 237.4 millions of barrels of oil per day.
The collective assessment of analysts points to an estimated 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Foster Creek' of 191.78 millions of barrels of oil per day. The estimate compares to the year-ago value of 186.3 millions of barrels of oil per day.
According to the collective judgment of analysts, 'Upstream - Total Conventional Natural Gas Production' should come in at 846.64 millions of cubic feet per day. The estimate compares to the year-ago value of 876.3 millions of cubic feet per day.
The average prediction of analysts places 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Sunrise' at 53.16 millions of barrels of oil per day. Compared to the present estimate, the company reported 48.9 millions of barrels of oil per day in the same quarter last year.
Analysts expect 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Lloydminster Conventional Heavy Oil' to come in at 16.15 millions of barrels of oil per day. Compared to the current estimate, the company reported 16.7 millions of barrels of oil per day in the same quarter of the previous year.
It is projected by analysts that the 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production' will reach 620.79 millions of barrels of oil per day. The estimate is in contrast to the year-ago figure of 593.4 millions of barrels of oil per day.
The consensus estimate for 'Downstream - Total Canadian Refining - Heavy Crude Oil Unit Throughput' stands at 100.98 millions of barrels of oil per day. The estimate compares to the year-ago value of 110.5 millions of barrels of oil per day.
Based on the collective assessment of analysts, 'Upstream - Total Conventional Natural Gas Production - Conventional' should arrive at 567.33 millions of cubic feet per day. Compared to the current estimate, the company reported 832.6 millions of cubic feet per day in the same quarter of the previous year.
The combined assessment of analysts suggests that 'Upstream - Crude Oil and Natural Gas Liquids - Total Oil Sands Production - Lloydminster Therma' will likely reach 108.54 millions of barrels of oil per day. The estimate is in contrast to the year-ago figure of 104.1 millions of barrels of oil per day.
View all Key Company Metrics for Cenovus here>>>
Cenovus shares have witnessed a change of +1.7% in the past month, in contrast to the Zacks S&P 500 composite's +4.7% move. With a Zacks Rank #3 (Hold), CVE is expected closely follow the overall market performance in the near term. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Cenovus Energy Inc (CVE) : Free Stock Analysis Report
To read this article on Zacks.com click here.
Zacks Investment Research
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.