Cenovus Energy Inc. [CVE] Revenue clocked in at $10.53 billion, up 32.62% YTD: What’s Next?

Cenovus Energy Inc. [NYSE: CVE] gained 6.09% on the last trading session, reaching $8.01 price per share at the time. The company report on April 12, 2021 that Cenovus announces commencement of Consent Solicitation with respect to Cenovus’s 6.80% Notes due 2037.

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Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced that it has commenced a consent solicitation (the “Consent Solicitation”) with respect to a proposed amendment to the pledge agreement (the “2037 Notes Pledge Agreement”) in respect of Cenovus’s outstanding 6.80% Notes due 2037 (the “2037 Notes”). The 2037 Notes were issued under an indenture, dated as of September 11, 2007 (as supplemented and amended, the “Indenture”) between Cenovus (as successor by amalgamation to Husky Energy Inc. (“Husky”)) and Wells Fargo Bank, National Association (as successor trustee to The Bank of Nova Scotia Trust Company of New York) (the “Trustee”). The Indenture also governs the outstanding 4.40% Notes due 2029 (the “2029 Notes”), 4.00% Notes due 2024 (the “2024 Notes”) and 3.95% Notes due 2022 (the “2022 Notes”) of Cenovus (in each case, originally issued by Husky).

The Consent Solicitation will expire at 5:00 p.m., New York City time, on April 20, 2021 (as such date may be extended or terminated early by Cenovus in its sole discretion) (the “Expiration Time”). Cenovus, in its sole discretion, may terminate the Consent Solicitation, without the obligation to make any cash payments, at any time prior to the Effective Time (as defined below), whether or not the Requisite Consents (as defined below) have been received. Except for the Proposed Amendment, all of the existing terms of the 2037 Notes, the Indenture and the 2037 Notes Pledge Agreement will remain unchanged.

Cenovus Energy Inc. represents 2.02 billion in outstanding shares, while the company has a total market value of $16.54 billion with the latest information. CVE stock price has been found in the range of $7.6199 to $8.14.

If compared to the average trading volume of 9.77M shares, CVE reached a trading volume of 6697387 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]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for CVE shares is $10.85 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on CVE stock is a recommendation set at 2.50. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Desjardins have made an estimate for Cenovus Energy Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on March 26, 2021. The new note on the price target was released on March 08, 2021, representing the official price target for Cenovus Energy Inc. stock.

The Average True Range (ATR) for Cenovus Energy Inc. is set at 0.30, with the Price to Sales ratio for CVE stock in the period of the last 12 months amounting to 1.57. The Price to Book ratio for the last quarter was 0.74, with the Price to Cash per share for the same quarter was set at 0.15. Price to Free Cash Flow for CVE in the course of the last twelve months was 140.38 with Quick ratio for the last quarter at 0.80.

Trading performance analysis for CVE stock

Cenovus Energy Inc. [CVE] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 3.89. With this latest performance, CVE shares dropped by -5.43% in over the last four-week period, additionally plugging by 98.76% over the last 6 months – not to mention a rise of 205.73% 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 57.94, with the RSI for the last a single of trading hit 60.98, and the three-weeks RSI is set at 57.53 for Cenovus Energy Inc. [CVE]. The present Moving Average for the last 50 days of trading for this stock 7.47, while it was recorded at 7.71 for the last single week of trading, and 5.50 for the last 200 days.

Cenovus Energy Inc. [CVE]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Cenovus Energy Inc. [CVE] shares currently have an operating margin of -12.19 and a Gross Margin at -9.99. Cenovus Energy Inc.’s Net Margin is presently recorded at -17.99.

Return on Total Capital for CVE is now -5.99, given the latest momentum, and Return on Invested Capital for the company is -8.92. Return on Equity for this stock declined to -13.25, with Return on Assets sitting at -6.81. When it comes to the capital structure of this company, Cenovus Energy Inc. [CVE] has a Total Debt to Total Equity ratio set at 55.78. Additionally, CVE Total Debt to Total Capital is recorded at 35.81, with Total Debt to Total Assets ending up at 27.67. Long-Term Debt to Equity for the company is recorded at 53.95, with the Long-Term Debt to Total Capital now at 34.63.

Reflecting on the efficiency of the workforce at the company, Cenovus Energy Inc. [CVE] managed to generate an average of -$985,910 per employee. Receivables Turnover for the company is 9.98 with a Total Asset Turnover recorded at a value of 0.38.Cenovus Energy Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.80 and a Current Ratio set at 1.30.

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. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Cenovus Energy Inc. go to 3.18%.

An analysis of insider ownership at Cenovus Energy Inc. [CVE]

There are presently around $7,245 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 145,740,343 shares of the stock with an approximate value of $1.17 billion in CVE stocks shares; and HARRIS ASSOCIATES L P, currently with $787.28 million in CVE stock with ownership of nearly 7.868% of the company’s market capitalization.

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Positions in Cenovus Energy Inc. stocks held by institutional investors increased at the end of May and at the time of the May reporting period, where 110 institutional holders increased their position in Cenovus Energy Inc. [NYSE:CVE] by around 89,282,991 shares. Additionally, 104 investors decreased positions by around 79,249,595 shares, while 36 investors held positions by with 735,990,618 shares. The mentioned changes placed institutional holdings at 904,523,204 shares, according to the latest SEC report filing. CVE stock had 41 new institutional investments in for a total of 8,656,110 shares, while 30 institutional investors sold positions of 22,909,428 shares during the same period.

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