Cenovus Energy Inc. (NYSE:CVE) shares, rose in value on Thursday, September 23, with the stock price up by 5.15% to the previous day’s close as strong demand from buyers drove the stock to $9.59.
Actively observing the price movement in the last trading, the stock closed the session at $9.12, falling within a range of $9.17 and $9.69. The value of beta (5-year monthly) was 3.83. Referring to stock’s 52-week performance, its high was $10.55, and the low was $3.15. On the whole, CVE has fluctuated by 15.54% over the past month.
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With the market capitalization of Cenovus Energy Inc. currently standing at about $19.78 billion, investors are eagerly awaiting this quarter’s results, scheduled for Oct 27, 2021 – Nov 01, 2021. The company’s Forward Dividend Ratio is 0.06, with its dividend yield at 0.63%. As a result, investors might want to see an improvement in the stock’s price before the company announces its earnings report. Analysts are projecting the company’s earnings per share (EPS) to be -$0.02, which is expected to increase to $0.28 for fiscal year $0.29 and then to about $0.47 by fiscal year 2019. Data indicates that the EPS growth is expected to be -66.70% in 2019, while the next year’s EPS growth is forecast to be 62.10%.
Analysts have estimated the company’s revenue for the quarter at $3.57 billion, with a low estimate of $3.22 billion and a high estimate of $3.82 billion. According to the average forecast, sales growth in current quarter could jump up 17.50%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2019, the company’s y-o-y revenues would reach $14.84 billion, representing an increase of 10.60% from the revenues reported in the last year’s results.
Revisions could be a useful indicator to get insight on short-term price movement; so for the company, there were 2 upward and no downward review(s) in last seven days. We see that CVE’s technical picture suggests that short-term indicators denote the stock is a 100% Buy on average. However, medium term indicators have put the stock in the category of Hold while long term indicators on average have been pointing out that it is a 100% Buy.
16 analyst(s) have assigned their ratings of the stock’s forecast evaluation on a scale of 1.00-5.00 to indicate a strong buy to a strong sell recommendation. The stock is rated as a Hold by 1 analyst(s), 14 recommend it as a Buy and 1 called the CVE stock Overweight. In the meantime, 0 analyst(s) believe the stock as Underweight and 0 think it is a Sell. Thus, investors eager to increase their holdings of the company’s stock will have an opportunity to do so as the average rating for the stock is Buy.
The stock’s technical analysis shows that the PEG ratio is about 0, with the price of CVE currently trading nearly 12.15% and 16.07% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 65.02, while the 7-day volatility ratio is showing 4.37% which for the 30-day chart, stands at 3.49%. Furthermore, Cenovus Energy Inc. (CVE)’s beta value is 3.19, and its average true range (ATR) is 0.38. The company’s stock has been forecasted to trade at an average price of $12.61 over the course of the next 52 weeks, with a low of $9.55 and a high of $17.35. Based on these price targets, the low is 0.42% off current price, whereas the price has to move -80.92% to reach the yearly target high. Additionally, analysts’ median price of $12.23 is likely to be welcomed by investors because it represents a decrease of -27.53% from the current levels.
A comparison of Cenovus Energy Inc. (CVE) with its peers suggests the former has fared considerably weaker in the market. CVE showed an intraday change of 5.15% in last session, and over the past year, it grew by 148.45%%. In comparison, APA Corporation (APA) has moved higher at 7.06% on the day and was up 94.05% over the past 12 months. Additionally, there is a gain of 3.40% for Canadian Natural Resources Limited (CNQ) in last trading while the stock has seen an overall depriciation of 113.54%% over the past year. Other than that, the overall performance of the S&P 500 during the last trading session shows that it gained 1.21%. Meanwhile, the Dow Jones Industrial Improved by 1.48%.
Data on historical trading for Cenovus Energy Inc. (NYSE:CVE) indicates that the trading volumes over the past 10 days have averaged 7.86 million and over the past 3 months, they’ve averaged 8.47 million. According to company’s latest data on outstanding shares, there are 2.02 billion shares outstanding.
Nearly 0.10% of Cenovus Energy Inc.’s shares belong to company insiders and institutional investors own 73.10% of the company’s shares. The data on short interest also indicates that stock shorts accounted for 14.28 million shares as on Aug 30, 2021, resulting in a short ratio of 1.68. According to the data, the short interest in Cenovus Energy Inc. (CVE) stood at 0.71% of shares outstanding as of Aug 30, 2021; the number of short shares registered in Jul 29, 2021 reached 17.74 million. The stock has risen by 58.77% since the beginning of the year, thereby showing the potential of a further growth. This could raise investors’ confidence to be optimistic about the CVE stock heading into the next quarter.