Cenovus Energy Inc. (CVE): Street Finally Waking Up


With over 2.73 million Cenovus Energy Inc. (CVE) shares trading Tuesday and a closing price of $4.95 on the day, the dollar volume was approximately $13.5 million. The shares have shown a negative weekly performance of -1.98% and its price on 08/25/20 gained nearly 1.23%. Currently, there are 1.23B common shares owned by the public and among those 1.02B shares have been available to trade.

An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 20 analysts who have offered their price forecasts for CVE have a consensus price objective of $5.85. The analysts have set the share’s price value over the next 12 months at a high of $8.33 and a low of $4.47 should the stock experience a downside. Incidentally, analysts’ outlook for the Cenovus Energy Inc. stock is 2.50 for the next 12 months. But an upside of 40.58% will see the stock hit the forecast high price target while mean target price for the stock is $5.60.

The top 3 mutual fund holders in Cenovus Energy Inc. are American Funds EuroPacific Growth, Oakmark International Fund, and Fidelity Canadian Large Cap Fund. American Funds EuroPacific Growth owns 69.77 million shares of the company’s stock, all valued at over $311.19 million. The company bought an additional 23.62 million shares recently to bring their total holdings to about 5.68% of the shares outstanding. Oakmark International Fund sold -0.62 million shares to see its total holdings shrink to 65.75 million shares valued at over $293.25 million and representing 5.35% of the shares outstanding. Fidelity Canadian Large Cap Fund sold -0.22 million shares to bring its total holdings to over 24.25 million shares at a value of $108.16 million. Fidelity Canadian Large Cap Fund now owns shares totaling to 1.97% of the shares outstanding.

Shares of Cenovus Energy Inc. (NYSE: CVE) opened at $4.97, up $0.08 from a prior closing price of $4.89. However, the script later closed the day at $4.95, up 1.23%. The company’s stock has a 5-day price change of -1.98% and 10.00% over the past three months. CVE shares are trading -51.23% year to date (YTD), with the 12-month market performance down to -41.14% lower. It has a 12-month low price of $1.41 and touched a high of $10.82 over the same period. Currently, 2.73 million shares have been traded, compared to an average intraday trading volume of 6.09 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.06%, 4.53%, and -17.84% respectively.

Institutional ownership of Cenovus Energy Inc. (NYSE: CVE) shares accounts for 73.10% of the company’s 1.23B shares outstanding. Mutual fund holders own –, while other institutional holders and individual stakeholders account for — and — respectively.

It has a market capitalization of $6.40B and a beta (3y monthly) value of 2.76. The earnings-per-share (ttm) stands at -$1.07. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.01% over the week and 4.21% over the month.

Analysts forecast that Cenovus Energy Inc. (CVE) will achieve an EPS of -$0.02 for the current quarter, $0.06 for the next quarter and $0.47 for 2019. The lowest estimate earnings-per-share for the quarter is -$0.09 while analysts give the company a high EPS estimate of $0.12. Comparatively, EPS for the current quarter was -$0.04 a year ago. Earnings per share for the fiscal year are expected to increase by 175.20%, and 62.10% over the next financial year. EPS should shrink at an annualized rate of -7.13% over the next five years, compared to 12.70% over the past 5-year period.

If you are looking to buy this stock, then you may note that the average analyst recommendation by 20 brokerage firm advisors rate Cenovus Energy Inc. (CVE) as a “Moderate Buy” at a consensus score of 2.50. Specifically, 9 Wall Street analysts polled rate the stock as a buy, while 9 of the 20 advise that investors “hold,” and 1 rated it as a “Sell.”

Looking at the support for the CVE, a number of firms have released research notes about the stock. Tudor Pickering stated their Hold rating for the stock in a research note on March 25, 2020, with the firm’s price target at. JP Morgan coverage for the Cenovus Energy Inc. (CVE) stock in a research note released on March 04, 2020 offered a Neutral rating with a price target of. Morgan Stanley was of a view on October 22, 2019 that the stock is Underweight, while Citigroup gave the stock Buy rating on October 07, 2019, issuing a price target of. Goldman on their part issued Buy rating on September 26, 2019.


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