- Cenovus Energy reported EPS of C$0.53 for Q2 2024, compared to C$0.44 the same quarter last year, missing the estimate of C$0.71.
- Oil sands production increased by 6.6% year-over-year to 611,500 barrels of oil equivalent per day (BOE/D), surpassing the estimate of 591,269 BOE/D.
- Upstream production grew by 9.7% year-over-year to 800,800 barrels of oil equivalent per day (boe/d), exceeding the estimate of 780,271 boe/d.
- Capital investments reached C$1.16 billion in Q2 2024, up 15% from the previous year, but slightly below the estimate of C$1.19 billion.
- Adjusted funds flow per share was C$1.26, compared to C$0.98 the same quarter last year.
- Cenovus Energy maintains its forecast for capital investments in the range of C$4.5 billion to C$5.0 billion for the year, in line with the estimate of C$4.75 billion.
- The company has strong market confidence, with 20 buys, 0 holds, and 0 sells from analysts.
A look at Cenovus Energy Inc Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 3 | |
| Dividend | 3 | |
| Growth | 5 | |
| Resilience | 2 | |
| Momentum | 4 | |
| OVERALL SMART SCORE | 3.4 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Based on the Smartkarma Smart Scores, Cenovus Energy Inc shows a promising long-term outlook. With a solid growth score of 5, the company is positioned for significant development and expansion opportunities. This indicates that Cenovus Energy has the potential to grow its business operations and increase its market presence in the future.
Although the company ranks lower in resilience with a score of 2, Cenovus Energy demonstrates strength in value, dividend, and momentum, with scores of 3, 3, and 4 respectively. This suggests that the company’s stock may present a good value opportunity, potentially offering dividends to shareholders, and showing positive momentum in the market. Overall, Cenovus Energy Inc, as an integrated oil company with operations in natural gas, crude oil, and natural gas liquids reserves, appears to have a favorable long-term outlook for investors.
Summary: Cenovus Energy Inc. is an integrated oil company with natural gas, crude oil, and natural gas liquids reserves. The company has established production in Alberta and Saskatchewan, along with refineries in Illinois and Texas.
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
Have feedback on this article? Concerned about the content? Get in touch with us directly.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Analytics and News
- ✓ Events & Webinars
