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Cenovus Energy Inc. (NYSE: CVE): Blank Check For Growth?

Cenovus Energy Inc. (NYSE:CVE) shares, rose in value on Friday, August 05, with the stock price up by 1.80% to the previous day’s close as strong demand from buyers drove the stock to $16.39.

Actively observing the price movement in the recent trading, the stock is buoying the session at $16.10, falling within a range of $16.04 and $17.325. The value of beta (5-year monthly) is 3.25 whereas the PE ratio is 10.08 over 12-month period. Referring to stock’s 52-week performance, its high was $24.91, and the low was $7.20. On the whole, CVE has fluctuated by -6.29% over the past month.

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With the market capitalization of Cenovus Energy Inc. currently standing at about $30.52 billion, investors are eagerly awaiting this quarter’s results, scheduled for Feb 07, 2022 – Feb 11, 2022. The company’s Forward Dividend Ratio is 0.33, with its dividend yield at 2.04%. 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 $1.18, which is expected to increase to $1.44 for fiscal year $3.36 and then to about $3.46 by fiscal year 2023. Data indicates that the EPS growth is expected to be 1,500.00% in 2023, while the next year’s EPS growth is forecast to be 3.00%.

Analysts have estimated the company’s revenue for the quarter at $10.75 billion, with a low estimate of $10.75 billion and a high estimate of $10.75 billion. According to the average forecast, sales growth in current quarter could jump up 7.20%, compared to the corresponding quarter of last year. Wall Street analysts also predicted that in 2023, the company’s y-o-y revenues would reach $52.03 billion, representing an increase of 41.90% 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 no 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 50% Sell on average. However, medium term indicators have put the stock in the category of 50% Buy while long term indicators on average have been pointing out that it is a Hold.

The stock’s technical analysis shows that the PEG ratio is about 0, with the price of CVE currently trading nearly -6.26% and -16.82% away from the simple moving averages for 20 and 50 days respectively. The Relative Strength Index (RSI, 14) currently indicates a reading of 39.34, while the 7-day volatility ratio is showing 5.28% which for the 30-day chart, stands at 4.47%. Furthermore, Cenovus Energy Inc. (CVE)’s beta value is 2.38, and its average true range (ATR) is 1.01.

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 1.80% in today’s session so far, and over the past year, it grew by 106.15%%. In comparison, APA Corporation (APA) has moved higher at 5.51% today and is up 72.85% over the past 12 months. Additionally, there is a gain of 1.90% for Canadian Natural Resources Limited (CNQ) in recent trading while the stock has seen an overall depriciation of 57.91%% over the past year. The PE ratio stands at 10.08 for Cenovus Energy Inc., compared to 4.37 for APA Corporation. Other than that, the overall performance of the S&P 500 during the today’s session so far shows that it lost -0.34%. Meanwhile, the Dow Jones Industrial Slipped by -0.16%.

Data on historical trading for Cenovus Energy Inc. (NYSE:CVE) indicates that the trading volumes over the past 10 days have averaged 11.11 million and over the past 3 months, they’ve averaged 10.61 million. According to company’s latest data on outstanding shares, there are 1.97 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 30.51 million shares as on Jul 14, 2022, resulting in a short ratio of 2.72. According to the data, the short interest in Cenovus Energy Inc. (CVE) stood at 1.54% of shares outstanding as of Jul 14, 2022; the number of short shares registered in Jun 14, 2022 reached 26.3 million. The stock has risen by 31.11% 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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