Cenovus Energy (TSE:CVE) Third Quarter 2024 Results

Key Financial Results

• Revenue: CA$14.2b (down 2.3% from 3Q 2023).

• Net income: CA$820.0m (down 56% from 3Q 2023).

• Profit margin: 5.8% (down from 13% in 3Q 2023). The decrease in margin was primarily driven by higher expenses.

• EPS: CA$0.44 (down from CA$0.98 in 3Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Cenovus Energy Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) missed analyst estimates by 20%.

Looking ahead, revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 1.8%.

Performance of the Canadian Oil and Gas industry.

The company's shares are down 6.8% from a week ago.

Risk Analysis

You should learn about the 1 warning sign we've spotted with Cenovus Energy.

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