Morgan Stanley slashes price target on Cenovus Energy Inc. [CVE] – find out why.

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Cenovus Energy Inc. [NYSE: CVE] loss -4.79% on the last trading session, reaching $18.48 price per share at the time. The company report on April 27, 2022 that Cenovus reports voting results of election of Directors.

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Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) announced that at its annual meeting of shareholders held on April 27, 2022, each of the 12 nominees proposed as Directors and listed in its Management Information Circular dated March 1, 2022 were elected as Directors. The detailed results of the vote are set out below.

Cenovus Energy Inc. represents 2.01 billion in outstanding shares, while the company has a total market value of $38.67 billion with the latest information. CVE stock price has been found in the range of $18.34 to $19.645.

If compared to the average trading volume of 13.35M shares, CVE reached a trading volume of 14716594 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 $16.14 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 2.00. 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.

Morgan Stanley have made an estimate for Cenovus Energy Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on October 07, 2021. The new note on the price target was released on July 19, 2021, representing the official price target for Cenovus Energy Inc. stock.

The Average True Range (ATR) for Cenovus Energy Inc. is set at 0.89, with the Price to Sales ratio for CVE stock in the period of the last 12 months amounting to 1.07. The Price to Book ratio for the last quarter was 2.06. Price to Free Cash Flow for CVE in the course of the last twelve months was 15.57 with Quick ratio for the last quarter at 1.10.

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 7.07. With this latest performance, CVE shares gained by 10.79% in over the last four-week period, additionally plugging by 56.48% over the last 6 months – not to mention a rise of 137.84% 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 58.48, with the RSI for the last a single of trading hit 58.75, and the three-weeks RSI is set at 58.34 for Cenovus Energy Inc. [CVE]. The present Moving Average for the last 50 days of trading for this stock 16.46, while it was recorded at 17.79 for the last single week of trading, and 12.55 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 +10.55 and a Gross Margin at +12.38. Cenovus Energy Inc.’s Net Margin is presently recorded at +1.27.

Return on Equity for this stock inclined to 2.91, with Return on Assets sitting at 1.33.

Cenovus Energy Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.60.

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

There are presently around $17,773 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 188,068,828, which is approximately -5.73% of the company’s market cap and around 0.10% of the total institutional ownership; FMR LLC, holding 101,612,813 shares of the stock with an approximate value of $1.88 billion in CVE stocks shares; and CONOCOPHILLIPS, currently with $1.68 billion in CVE stock with ownership of nearly -35.382% of the company’s market capitalization.

Positions in Cenovus Energy Inc. stocks held by institutional investors increased at the end of April and at the time of the April reporting period, where 161 institutional holders increased their position in Cenovus Energy Inc. [NYSE:CVE] by around 138,488,321 shares. Additionally, 123 investors decreased positions by around 167,176,983 shares, while 45 investors held positions by with 656,079,935 shares. The mentioned changes placed institutional holdings at 961,745,239 shares, according to the latest SEC report filing. CVE stock had 62 new institutional investments in for a total of 25,608,850 shares, while 31 institutional investors sold positions of 34,400,844 shares during the same period.