Market Analysts see Cenovus Energy Inc. [CVE] gaining to $23. Time to buy?

Cenovus Energy Inc. [NYSE: CVE] gained 0.43% or 0.08 points to close at $18.48 with a heavy trading volume of 4413209 shares. The company report on December 6, 2022 that Cenovus announces 2023 budget.

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“We’re pursuing strategic initiatives in 2023 that will both enhance our integrated business today and drive our ability to continue growing shareholder returns into the future,” said Alex Pourbaix, Cenovus President & Chief Executive Officer. “In addition, we continue delivering on our commitments to shareholders, including being well on our way to reaching our net debt floor of $4 billion around year end 2022. This will see us return 100% of excess free funds flow to shareholders while at that level.”.

It opened the trading session at $18.40, the shares rose to $18.665 and dropped to $18.05, the range by which the price of stock traded the whole day. The daily chart for CVE points out that the company has recorded -13.62% loss over the past six months. However, it is still -73.03% lower than its most recent low trading price.

If we look at the average trading volume of 7.73M shares, CVE reached to a volume of 4413209 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 $24.77 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 0.84, 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 1.78. Price to Free Cash Flow for CVE in the course of the last twelve months was 9.60 with Quick ratio for the last quarter at 1.00.

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 1.04. With this latest performance, CVE shares dropped by -12.43% in over the last four-week period, additionally sinking by -13.62% over the last 6 months – not to mention a rise of 57.65% 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 43.13, with the RSI for the last a single of trading hit 41.48, and the three-weeks RSI is set at 45.29 for Cenovus Energy Inc. [CVE]. The present Moving Average for the last 50 days of trading for this stock 19.37, while it was recorded at 18.09 for the last single week of trading, and 18.62 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 $19,167 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 $1.68 billion in CVE stocks shares; and FMR LLC, currently with $1.67 billion in CVE stock with ownership of nearly -17.645% of the company’s market capitalization.

Positions in Cenovus Energy Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 192 institutional holders increased their position in Cenovus Energy Inc. [NYSE:CVE] by around 108,170,847 shares. Additionally, 164 investors decreased positions by around 182,794,779 shares, while 56 investors held positions by with 746,209,277 shares. The mentioned changes placed institutional holdings at 1,037,174,903 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 41 institutional investors sold positions of 45,797,965 shares during the same period.


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