Cenovus Energy Inc. [CVE] is 88.68% higher this YTD. Is it still time to buy?


Cenovus Energy Inc. [NYSE: CVE] gained 2.21% or 0.5 points to close at $23.17 with a heavy trading volume of 14981528 shares. The company report on May 31, 2022 that Cenovus announces restart of West White Rose Project.

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Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) and its partners have agreed to restart the West White Rose Project offshore Newfoundland and Labrador. First oil from the platform is anticipated in the first half of 2026, with peak production anticipated to reach approximately 80,000 barrels per day (bbls/d), 45,000 bbls/d net to Cenovus, by year-end 2029.

“The joint venture owners have worked together to significantly de-risk this project over the past 16 months. As a result, we’re confident restarting West White Rose provides superior value for our shareholders compared with the option of abandonment and decommissioning,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “With the project about 65% complete, combined with the work done over the past 16 months to firm up cost estimates and rework the project plan, we are confident in our decision to restart this project in 2023.”.

It opened the trading session at $23.59, the shares rose to $23.91 and dropped to $23.015, the range by which the price of stock traded the whole day. The daily chart for CVE points out that the company has recorded 86.25% gains over the past six months. However, it is still -221.81% lower than its most recent low trading price.

If we look at the average trading volume of 12.72M shares, CVE reached to a volume of 14981528 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 $23.06 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 0.88, with the Price to Sales ratio for CVE stock in the period of the last 12 months amounting to 1.22. The Price to Book ratio for the last quarter was 2.58. Price to Free Cash Flow for CVE in the course of the last twelve months was 17.80 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 5.85. With this latest performance, CVE shares gained by 25.38% in over the last four-week period, additionally plugging by 86.25% over the last 6 months – not to mention a rise of 161.22% 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 73.69, with the RSI for the last a single of trading hit 79.35, and the three-weeks RSI is set at 70.27 for Cenovus Energy Inc. [CVE]. The present Moving Average for the last 50 days of trading for this stock 18.58, while it was recorded at 22.29 for the last single week of trading, and 13.87 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 $23,270 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 121,416,869, which is approximately -35.44% of the company’s market cap and around 0.10% of the total institutional ownership; FMR LLC, holding 108,688,286 shares of the stock with an approximate value of $2.46 billion in CVE stocks shares; and CONOCOPHILLIPS, currently with $2.06 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 201 institutional holders increased their position in Cenovus Energy Inc. [NYSE:CVE] by around 183,263,930 shares. Additionally, 117 investors decreased positions by around 164,308,922 shares, while 44 investors held positions by with 678,892,288 shares. The mentioned changes placed institutional holdings at 1,026,465,140 shares, according to the latest SEC report filing. CVE stock had 67 new institutional investments in for a total of 30,969,318 shares, while 28 institutional investors sold positions of 2,194,287 shares during the same period.