Cenovus Energy Inc. [CVE] gain 55.37% so far this year. What now?


Cenovus Energy Inc. [NYSE: CVE] closed the trading session at $19.08 on 07/29/22. The day’s price range saw the stock hit a low of $18.945, while the highest price level was $19.63. The company report on July 28, 2022 that Cenovus Announces 2022 Second-Quarter Financial and Operating Results.

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Company returned more than $1 billion to shareholders through share buybacks.

Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) continued to deliver safe and reliable operations and strong financial performance in the second quarter of 2022. Upstream production of 762,000 barrels of oil equivalent per day (BOE/d)1 and downstream throughput of more than 457,000 barrels per day (bbls/d) included the impact of significant planned turnaround and maintenance activities during the quarter. Aligned with the company’s shareholder returns framework, Cenovus delivered more than $1 billion to shareholders in common share purchases under its Normal Course Issuer Bid (NCIB) for the second quarter, in addition to the company’s base dividend.

The stocks have a year to date performance of 55.37 percent and weekly performance of 12.97 percent. The stock has been moved at 31.68 percent over the last six months. The stock has performed -1.50 percent around the most recent 30 days and changed -1.70 percent over the most recent 3-months.

If compared to the average trading volume of 10.71M shares, CVE reached to a volume of 13516877 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 $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 1.01, with the Price to Sales ratio for CVE stock in the period of the last 12 months amounting to 0.75. The Price to Book ratio for the last quarter was 1.87. Price to Free Cash Flow for CVE in the course of the last twelve months was 11.09 with Quick ratio for the last quarter at 1.10.

CVE stock trade performance evaluation

Cenovus Energy Inc. [CVE] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 12.97. With this latest performance, CVE shares dropped by -1.50% in over the last four-week period, additionally plugging by 31.68% over the last 6 months – not to mention a rise of 128.78% 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 55.04, with the RSI for the last a single of trading hit 62.19, and the three-weeks RSI is set at 52.00 for Cenovus Energy Inc. [CVE]. The present Moving Average for the last 50 days of trading for this stock 19.99, while it was recorded at 18.38 for the last single week of trading, and 16.03 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 +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 1.70.

Cenovus Energy Inc. [CVE]: Insider Ownership positions

There are presently around $19,499 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 $2.07 billion in CVE stocks shares; and CONOCOPHILLIPS, currently with $1.73 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 July and at the time of the July reporting period, where 203 institutional holders increased their position in Cenovus Energy Inc. [NYSE:CVE] by around 178,812,921 shares. Additionally, 115 investors decreased positions by around 170,366,568 shares, while 50 investors held positions by with 672,791,182 shares. The mentioned changes placed institutional holdings at 1,021,970,671 shares, according to the latest SEC report filing. CVE stock had 63 new institutional investments in for a total of 31,394,498 shares, while 30 institutional investors sold positions of 5,280,758 shares during the same period.