How Cenovus Energy (CVE) Stock Stands Out in a Strong Industry
One stock that might be an intriguing choice for investors right now is Cenovus Energy Inc. CVE. This is because this security in the Oil and Gas - Integrated - Canadian space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.
This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably taking place in the Oil and Gas - Integrated - Canadian space as it currently has a Zacks Industry Rank of 121 out of more than 250 industries, suggesting it is well-positioned from this perspective, especially when compared to other segments out there.
Meanwhile, Cenovus Energy is actually looking pretty good on its own too. The firm has seen solid earnings estimate revision activity over the past month, suggesting analysts are becoming a bit more bullish on the firm’s prospects in both the short and long term.
Cenovus Energy Inc Price and Consensus
In fact, over the past month, current quarter estimates have narrowed from a loss of 8 cents per share to a loss of 4 cents per share, while current year estimates have narrowed from a loss of $1.53 per share to a loss of $1.28 per share. This has helped CVE to earn a Zacks Rank #2 (Buy), further underscoring the company’s solid position. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
So, if you are looking for a decent pick in a strong industry, consider Cenovus Energy. Not only is its industry currently in the top third, but it is seeing solid estimate revisions as of late, suggesting it could be a very interesting choice for investors seeking a name in this great industry segment.
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