Cenovus Energy is set to report second-quarter 2026 results on July 29 before the opening bell, with the Zacks Consensus Estimate for earnings pegged at $1.11 per share, implying a 236.4% improvement from the year-ago period, and revenues estimated at $9.6 billion, up 7.4%. The company has beaten earnings estimates in each of the trailing four quarters with an average surprise of 50.8%, but the Zacks model does not predict a beat this time, as Cenovus carries an Earnings ESP of 0.00% and a Zacks Rank of 3. While a constructive oil-price backdrop driven by the Iran war likely aided exploration and production, high input costs are expected to have hurt the refining business. The stock has surged 94.9% over the past year, outperforming the industry's 73.2% growth, and trades at a trailing 12-month EV/EBITDA of 7.18x, a discount to the industry average of 7.63x, though BP and Shell are valued lower at 3.25x and 4.69x respectively. Despite the undervaluation, the article suggests investors may want to wait given ongoing Middle East conflicts and vulnerability to commodity prices, refining crack spreads, and exchange rates.
BP PLC
Shell plcCenovus Energy IncEarnings preview shows no beat signal despite past beats, with mixed factors: constructive oil price backdrop vs high input costs.