Cenovus Energy Inc. [NYSE: CVE] loss -3.91% or -0.78 points to close at $19.16 with a heavy trading volume of 6098371 shares. The company report on November 7, 2022 that Cenovus announces renewal of share buyback program.
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Cenovus’s renewal of its share buyback program is consistent with the company’s capital allocation framework, which supports enhancing value for investors by returning cash to shareholders, generating strong returns on capital investment and deleveraging its balance sheet. Cenovus believes there are times when the market price of its common shares may not fully reflect the underlying value of its business and future prospects. Depending on the trading price of its common shares and other relevant factors, the company believes purchasing common shares represents an attractive investment opportunity and is in the best interest of Cenovus and its shareholders.
It opened the trading session at $20.30, the shares rose to $20.37 and dropped to $19.12, the range by which the price of stock traded the whole day. The daily chart for CVE points out that the company has recorded -19.44% loss over the past six months. However, it is still -79.4% lower than its most recent low trading price.
If we look at the average trading volume of 7.75M shares, CVE reached to a volume of 6098371 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 $24.61 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 2.20. 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.
Goldman have made an estimate for Cenovus Energy Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on November 21, 2022. While these analysts kept the previous recommendation, Jefferies raised their target price to Buy. The new note on the price target was released on October 19, 2022, representing the official price target for Cenovus Energy Inc. stock.
The Average True Range (ATR) for Cenovus Energy Inc. is set at 0.93, with the Price to Sales ratio for CVE stock in the period of the last 12 months amounting to 0.73. The Price to Book ratio for the last quarter was 1.82. Price to Free Cash Flow for CVE in the course of the last twelve months was 9.53 with Quick ratio for the last quarter at 1.00.
Trading performance analysis for CVE stock
Cenovus Energy Inc. [CVE] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -2.04. With this latest performance, CVE shares dropped by -8.26% in over the last four-week period, additionally sinking by -19.44% over the last 6 months – not to mention a rise of 62.35% 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 43.97, with the RSI for the last a single of trading hit 38.57, and the three-weeks RSI is set at 46.99 for Cenovus Energy Inc. [CVE]. The present Moving Average for the last 50 days of trading for this stock 19.02, while it was recorded at 19.80 for the last single week of trading, and 18.52 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 1.00 and a Current Ratio set at 1.50.
Cenovus Energy Inc. [CVE]: An earnings per share (EPS) analysis
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 75.00%.
An analysis of insider ownership at Cenovus Energy Inc. [CVE]
There are presently around $19,872 million, or 73.10% of CVE stock, in the hands of institutional investors. The top three institutional holders of CVE stocks are: CAPITAL WORLD INVESTORS with ownership of 130,442,291, which is approximately 6.47% of the company’s market cap and around 0.10% of the total institutional ownership; CONOCOPHILLIPS, holding 90,930,000 shares of the stock with an approximate value of $1.74 billion in CVE stocks shares; and FMR LLC, currently with $1.73 billion in CVE stock with ownership of nearly -17.645% of the company’s market capitalization.
191 institutional holders increased their position in Cenovus Energy Inc. [NYSE:CVE] by around 108,164,422 shares. Additionally, 163 investors decreased positions by around 182,793,622 shares, while 58 investors held positions by with 746,211,591 shares. The mentioned changes placed institutional holdings at 1,037,169,635 shares, according to the latest SEC report filing. CVE stock had 43 new institutional investments in for a total of 14,945,661 shares, while 40 institutional investors sold positions of 45,796,808 shares during the same period.