Cenovus Energy Inc (NYSE: CVE) Loses -5.90% From High. Why That Could Change?

Currently, there are 1.87B common shares owned by the public and among those 1.32B shares have been available to trade.

The company’s stock has a 5-day price change of 3.87% and 20.64% over the past three months. CVE shares are trading 20.78% year to date (YTD), with the 12-month market performance up to 17.40% higher. It has a 12-month low price of $14.69 and touched a high of $21.37 over the same period. CVE has an average intraday trading volume of 11.74 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 7.83%, 16.26%, and 11.27% respectively.

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Institutional ownership of Cenovus Energy Inc (NYSE: CVE) shares accounts for 55.99% of the company’s 1.87B shares outstanding.

It has a market capitalization of $37.64B and a beta (3y monthly) value of 2.16. The stock’s trailing 12-month PE ratio is 12.75, while the earnings-per-share (ttm) stands at $1.58. The company has a PEG of 0.53 and a Quick Ratio of 0.91 with the debt-to-equity ratio at 0.35. Price movements for the stock have been influenced by the stock’s volatility, which stands at 1.51% over the week and 1.89% over the month.

Analysts forecast that Cenovus Energy Inc (CVE) will achieve an EPS of $0.34 for the current quarter, $0.46 for the next quarter and $2.44 for 2025. The lowest estimate earnings-per-share for the quarter is $0.33 while analysts give the company a high EPS estimate of $0.37. Comparatively, EPS for the current quarter was $0.24 a year ago. Earnings per share for the fiscal year are expected to increase by 18.58%, and 16.12% over the next financial year.

UBS was of a view on July 12, 2023 that the stock is Neutral, while Goldman gave the stock Buy rating on June 06, 2023, issuing a price target of $20- $22. Scotiabank on their part issued Sector Perform rating on April 14, 2023.

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