Cenovus Energy Inc. [NYSE: CVE] loss -8.36% on the last trading session, reaching $3.40 price per share at the time. The company report on October 27, 2020 that SHAREHOLDER NOTICE: Brodsky & Smith, LLC Announces an Investigation of Husky Energy, Inc. (Other OTC – HUSKF).
Law Office of Brodsky & Smith, LLC announces that it is investigating potential claims against the Board of Directors of Husky Energy, Inc. (“Husky Energy” or the “Company”) (OTC PINK:HUSKF) for possible breaches of fiduciary duty and other violations of federal and state law in connection with the agreement to be acquired by Cenovus Energy Inc. (NYSE:CVE). Under the terms of the agreement, Husky Energy stockholders will receive only 0.7845 shares of Cenovus common stock for each share of Husky Energy common stock they own.
The investigation concerns whether the Husky Energy Board breached its fiduciary duties to shareholders by failing to conduct a fair process and whether Cenovus is paying too little for the Company. For example, the implied value of the deal is well below the 52-week high of $8.49 for Husky Energy shares.
Cenovus Energy Inc. represents 1.23 billion in outstanding shares, while the company has a total market value of $4.24 billion with the latest information. CVE stock price has been found in the range of $3.15 to $3.455.
If compared to the average trading volume of 4.81M shares, CVE reached a trading volume of 33481860 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about Cenovus Energy Inc. [CVE]:
Credit Suisse have made an estimate for Cenovus Energy Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on October 26, 2020. The new note on the price target was released on October 01, 2020, representing the official price target for Cenovus Energy Inc. stock. Previously, the target price had yet another raise to $6, while Goldman analysts kept a Buy rating on CVE stock.
The Average True Range (ATR) for Cenovus Energy Inc. is set at 0.23, with the Price to Sales ratio for CVE stock in the period of the last 12 months amounting to 0.35. The Price to Book ratio for the last quarter was 0.32, with the Price to Cash per share for the same quarter was set at 0.09. Price to Free Cash Flow for CVE in the course of the last twelve months was 9.99 with Quick ratio for the last quarter at 0.70.
Trading performance analysis for CVE stock
Cenovus Energy Inc. [CVE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -6.85. With this latest performance, CVE shares dropped by -12.60% in over the last four-week period, additionally plugging by 8.28% over the last 6 months – not to mention a drop of -61.23% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for CVE stock in for the last two-week period is set at 32.78, with the RSI for the last a single of trading hit 29.81, and the three-weeks RSI is set at 36.50 for Cenovus Energy Inc. [CVE]. The present Moving Average for the last 50 days of trading for this stock 4.21, while it was recorded at 3.63 for the last single week of trading, and 4.84 for the last 200 days.
Cenovus Energy Inc. [CVE]: A deeper dive into fundamental analysis
Cenovus Energy Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.70 and a Current Ratio set at 1.20.
Cenovus Energy Inc. [CVE]: An earnings per share (EPS) analysis
With the latest financial reports released by the company, Cenovus Energy Inc. posted -0.04/share EPS, while the average EPS was predicted by analysts to be reported at -0.06/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 33.30%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for CVE.
An analysis of insider ownership at Cenovus Energy Inc. [CVE]
There are presently around $3,146 million, or 73.10% of CVE stock, in the hands of institutional investors. The top three institutional holders of CVE stocks are: CONOCOPHILLIPS with ownership of 208,000,000, which is approximately 0% of the company’s market cap and around 0.10% of the total institutional ownership; CAPITAL RESEARCH GLOBAL INVESTORS, holding 106,420,580 shares of the stock with an approximate value of $361.83 million in CVE stocks shares; and FMR LLC, currently with $314.09 million in CVE stock with ownership of nearly 0.25% of the company’s market capitalization.
106 institutional holders increased their position in Cenovus Energy Inc. [NYSE:CVE] by around 111,860,941 shares. Additionally, 128 investors decreased positions by around 127,643,878 shares, while 40 investors held positions by with 685,826,962 shares. The mentioned changes placed institutional holdings at 925,331,781 shares, according to the latest SEC report filing. CVE stock had 32 new institutional investments in for a total of 35,929,128 shares, while 43 institutional investors sold positions of 29,694,046 shares during the same period.