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Cenovus Energy Inc. (NYSE: CVE) – Analysts’ Revisions Show An Improving Sentiment

Cenovus Energy Inc. (NYSE:CVE) traded at $20.25 at last check on Wednesday, November 23, made a downward move of -1.32% on its previous day’s price.

Looking at the stock we see that its previous close was $20.52 and the beta (5Y monthly) reads 3.17 with the day’s price range being $19.99 – $20.635. The company has a trailing 12-month PE ratio of 10.57. In terms of its 52-week price range, CVE has a high of $24.81 and a low of $10.68. The company’s stock has gained about 7.93% over that past 30 days.

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Cenovus Energy Inc. has a market cap of $40.16 billion and is expected to release its quarterly earnings report on Feb 07, 2022 – Feb 11, 2022. With its Forward Dividend at 0.31 and a yield of 1.49%, the company’s investors could be anxious for the CVE stock to gain ahead of the earnings release. Estimates by analysts give the company expected earnings per share (EPS) of $0.72, with the EPS growth for the year raised at $2.97 for 2022 and $3.04 for next year. These figures represent 1,314.30% and 2.40% growth in EPS for the two years respectively.

Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $11.46 billion, with a low of $9.92 billion and a high of $13.01 billion. The median projection represents growth squeezing down to 14.30% compared to sales growth for the corresponding quarter a year ago. According to analyst consensus estimates figures, the company’s yearly revenue forecast for 2022 is expected to hit $52.67 billion, or 43.70% up from figures reported last year.

There have been no upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term. On the other hand, looking at the outlook for the CVE stock, short term indicators assign the stock an average of 50% Buy, while medium term indicators assign it an average of 50% Buy. Long term indicators on average place the stock in the category of 50% Buy.

Based on estimates by 18 analysts, where scores have ranged from 1.00 for a strong buy to 5.00 for a strong sell, 2 have rated the Cenovus Energy Inc. (CVE) stock as a Hold, while 15 rate it as a Buy. 1 analyst(s) rate it as overweight while 0 of them rated it as underweight, whereas 0 suggest the stock as a Sell. The stock has an overall rating of Buy and investors could take advantage and scoop up stock of the company.

Looking further, we note that the PEG ratio for the CVE stock currently stands at 0.14, and the most recent price level today is -1.64% off its SMA20 and 8.58% from its 50-day simple moving average. The RSI (14) is pointing at 52.19 while the volatility over the past week is 3.69% and jumps to 4.20% over the past one month. The beta value is 2.35, while the average true range (ATR) is currently pointing at 0.97. The average price target for the stock over the next 12 months is $24.96, with the estimates having a low of $22.75 and a high of $27.88. These price ends are -12.35% and -37.68% off the today’s price level respectively, although investors could be excited at the prospect of a -20.84% if the CVE share price touches on the median price of $24.47.

Let’s briefly compare Cenovus Energy Inc. (CVE) stock to its peers. We find that today’s price change of -1.32% and 71.13% over the past 12 months for CVE competes that of APA Corporation (APA), which has seen its stock price fall -2.47% in the latest trading session and is 80.10% over the last one year. In contrast to these companies, both the S&P 500 Index and the Dow Jones Industrial are today at 0.51% and 0.24%, respectively, in early deals.

Coming back to Cenovus Energy Inc. (NYSE:CVE), we note that the average 3-month trading volume was 7.86 million, while that of the preceding 10-day period stands at 6.32 million. Current shares outstanding are 1.93 billion.

The insiders hold 0.10% of the company’s shares while institutions hold 73.10%. The data shows that short shares as of Oct 13, 2022, stood at 36.75 million at a short ratio of 4.22. This represents a 1.90% short interest in shares outstanding on Oct 13, 2022. Shares short rose in October from the previous month at 27.08 million. Investors should be excited about this stock as its upside potential is great, with today’s price pushing the stock 67.78% up in year-to-date price movement.

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