Cenovus Energy Inc. [NYSE: CVE] closed the trading session at $7.81 on 05/21/21. The day’s price range saw the stock hit a low of $7.765, while the highest price level was $7.99. The company report on May 19, 2021 that Cenovus sells Marten Hills royalty interest for more than $100 million.
Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) has sold its gross overriding royalty (GORR) in the Marten Hills area of Alberta to Topaz Energy Corp. for gross cash proceeds of $102 million. The sale successfully closed with a May 1, 2021 effective date. Cenovus will use the sale proceeds to reduce net debt, consistent with its commitment to use non-core asset sales to accelerate deleveraging to achieve the company’s interim net debt target of $10 billion.
“This transaction demonstrates our ability to strategically identify opportunities in our portfolio to accelerate the deleveraging process,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “This is the first transaction of our broader initiative and we will continue to explore all options to create value for Cenovus shareholders and position our balance sheet for increasing shareholder returns.”.
The stocks have a year to date performance of 29.30 percent and weekly performance of -2.86 percent. The stock has been moved at 67.96 percent over the last six months. The stock has performed 4.97 percent around the most recent 30 days and changed 8.62 percent over the most recent 3-months.
If compared to the average trading volume of 9.25M shares, CVE reached to a volume of 7594084 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here’s what leading stock market gurus have to say 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 0.33, with the Price to Sales ratio for CVE stock in the period of the last 12 months amounting to 1.03. The Price to Book ratio for the last quarter was 0.82, with the Price to Cash per share for the same quarter was set at 0.36. Price to Free Cash Flow for CVE in the course of the last twelve months was 61.37 with Quick ratio for the last quarter at 0.80.
CVE stock trade performance evaluation
Cenovus Energy Inc. [CVE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.86. With this latest performance, CVE shares gained by 4.97% in over the last four-week period, additionally plugging by 67.96% over the last 6 months – not to mention a rise of 82.48% 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 49.40, with the RSI for the last a single of trading hit 47.41, and the three-weeks RSI is set at 50.59 for Cenovus Energy Inc. [CVE]. The present Moving Average for the last 50 days of trading for this stock 7.81, while it was recorded at 8.01 for the last single week of trading, and 5.93 for the last 200 days.
Cenovus Energy Inc. [CVE]: An insightful look at the core fundamentals
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 1.40.
Earnings per share (EPS) analysis for Cenovus Energy Inc. [CVE] stock
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.
Cenovus Energy Inc. [CVE]: Insider Ownership positions
There are presently around $8,033 million, or 73.10% of CVE stock, in the hands of institutional investors. The top three institutional holders of CVE stocks are: CAPITAL RESEARCH GLOBAL INVESTORS with ownership of 215,785,956, which is approximately 48.062% of the company’s market cap and around 0.10% of the total institutional ownership; CONOCOPHILLIPS, holding 208,000,000 shares of the stock with an approximate value of $1.62 billion in CVE stocks shares; and FMR LLC, currently with $673.75 million in CVE stock with ownership of nearly 2.233% of the company’s market capitalization.
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 133 institutional holders increased their position in Cenovus Energy Inc. [NYSE:CVE] by around 197,659,799 shares. Additionally, 81 investors decreased positions by around 87,044,109 shares, while 45 investors held positions by with 743,886,204 shares. The mentioned changes placed institutional holdings at 1,028,590,112 shares, according to the latest SEC report filing. CVE stock had 40 new institutional investments in for a total of 19,120,222 shares, while 23 institutional investors sold positions of 5,743,168 shares during the same period.