Cenovus Energy Inc. (NYSE:CVE) shares, rose in value on Thursday, Jan 14, with the stock price up by 5.03% to the previous day’s close as strong demand from buyers drove the stock to $6.47.

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Actively observing the price movement in the recent trading, the stock is buoying the session at $6.16, falling within a range of $6.18 and $6.50. The value of beta (5-year monthly) is 3.23 whereas the PE ratio is 0 over 12-month period. Referring to stock’s 52-week performance, its high was $9.69, and the low was $1.41. On the whole, CVE has fluctuated by -0.81% over the past month.

With the market capitalization of Cenovus Energy Inc. currently standing at about $12.92 Billion. The company’s Forward Dividend Ratio is 0, with its dividend yield at 0%. As a result, investors may see a weakening 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 decline to $0.87 for fiscal year 2021 and then to about $0.47 by fiscal year 2022. Data indicates that the EPS growth is expected to be -0.67% in 2021, while the next year’s EPS growth is forecast to be 0.62%.

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 +17.5%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2021, the company’s y-o-y revenues would reach $14.84 Billion, representing an increase of 10.6% 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 100% Buy while long term indicators on average have been pointing out that it is a 100% Buy.

19 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 7 analyst(s), 9 recommend it as a Buy and 1 called the CVE stock Outperform. In the meantime, none analyst(s) believe the stock as Underperform and 2 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 Overweight.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of CVE currently trading nearly 5.4% and 20.39% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 60.12, while the 7-day volatility ratio is showing 3.96% which for the 30-day chart, stands at 4.3%. Furthermore, Cenovus Energy Inc. (CVE)’s beta value is 3.23, and its average true range (ATR) is 0.29. The company’s stock has been forecasted to trade at an average price of $7.16 over the course of the next 52 weeks, with a low of $4.24 and a high of $10.59. Based on these price targets, the low is -34.47 off current price, whereas the price has to move +63.68% to reach the yearly target high. Additionally, analysts’ median price of $7.08 is likely to be welcomed by investors because it represents an increase of +9.43% from the current levels.

A comparison of Cenovus Energy Inc. (CVE) with its peers suggests the former has fared considerably better in the market. CVE showed an intraday change of +5.03% in today’s session so far, and over the past year, it dropped by -35.43%. In comparison, Suncor Energy Inc (SU) has moved higher at +2.27% today and is down -46.32% over the past 12 months. On the other hand, the price of Imperial Oil Ltd (IMO) has risen 2.72% today. The stock, however, is off -20.54% from where it was a year ago. Additionally, there is a gain of 503% for 2nd Resistance Point (3rd Resistance Point) in recent trading while the stock has seen an overall depriciation of -35.43% over the past year. The PE ratio stands at 0 for Cenovus Energy Inc., compared to 0 for Suncor Energy Inc, and 0 for Imperial Oil Ltd. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it gained 0.21%. Meanwhile, the Dow Jones Industrial improved by 0.37%.

Data on historical trading for Cenovus Energy Inc. (NYSE:CVE) indicates that the trading volumes over the past 10 days have averaged 14.06 Million and over the past 3 months, they’ve averaged 9.33 Million. According to company’s latest data on outstanding shares, there are 2.02 Billion shares outstanding.

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Nearly 17.07% of Cenovus Energy Inc.’s shares belong to company insiders and institutional investors own 65.26% of the company’s shares, according to Thomson Reuters’ data. The data on short interest also indicates that stock shorts accounted for 22.54 Million shares as on December 30, 2020, resulting in a short ratio of 2.93. According to the data, the short interest in Cenovus Energy Inc. (CVE) stood at 1.83% of shares outstanding as of December 30, 2020; the number of short shares registered in November reached 24.16 Million. The stock has risen by +1.99% 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.

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