Cenovus Energy Inc [CVE] is -2.70% lower this YTD. Is it still time to buy?

Cenovus Energy Inc [NYSE: CVE] surged by $0.35 during the normal trading session on while it closed the day at $16.20. The company report on December 14, 2023 at 6:00 AM that Cenovus announces 2024 budget.

“We will continue to progress strategic initiatives in our base business in 2024 that will enhance our integrated operations and further drive our ability to grow total shareholder returns, even in periods of price volatility,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “We will remain focused on reducing costs and continued capital discipline, while realizing the full value of our integrated strategy.”.

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Cenovus Energy Inc stock has also gained 8.58% of its value over the past 7 days. However, CVE stock has declined by -18.35% in the 3 months of the year. Over the past six months meanwhile, it has lost -12.24% and lost -2.70% year-on date.

The market cap for CVE stock reached $30.72 billion, with 1.91 billion shares outstanding and 1.34 billion shares in the current float. Compared to the average trading volume of 10.41M shares, CVE reached a trading volume of 14026688 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 $22.40 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 1.15. 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.

Scotiabank have made an estimate for Cenovus Energy Inc shares, keeping their opinion on the stock as Sector Outperform, with their previous recommendation back on September 06, 2023.

The Average True Range (ATR) for Cenovus Energy Inc is set at 0.43, with the Price to Sales ratio for CVE stock in the period of the last 12 months amounting to 0.78. The Price to Book ratio for the last quarter was 1.46, with the Price to Cash per share for the same quarter was set at 0.49. Price to Free Cash Flow for CVE in the course of the last twelve months was 14.42 with Quick ratio for the last quarter at 0.82.

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 8.58. With this latest performance, CVE shares dropped by -5.54% in over the last four-week period, additionally sinking by -12.24% over the last 6 months – not to mention a drop of -15.32% 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 52.99, with the RSI for the last a single of trading hit 61.92, and the three-weeks RSI is set at 48.46 for Cenovus Energy Inc [CVE]. The present Moving Average for the last 50 days of trading for this stock 16.59, while it was recorded at 15.53 for the last single week of trading, and 17.88 for the last 200 days.

Cenovus Energy Inc [CVE]: An insightful look at the core fundamentals

Cenovus Energy Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.82 and a Current Ratio set at 1.49.

Earnings per share (EPS) analysis for Cenovus Energy Inc [CVE] stock

With the latest financial reports released by the company, Cenovus Energy Inc posted 0.29/share EPS, while the average EPS was predicted by analysts to be reported at 0.48/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -39.60%. 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 -8.41%.

Cenovus Energy Inc [CVE]: Institutional Ownership

The top three institutional holders of CVE stocks are: VANGUARD GROUP INC with ownership of 1.3 billion shares, which is approximately 8.2815%. BLACKROCK INC., holding 1.03 billion shares of the stock with an approximate value of $176.59 billion in CVE stocks shares; and BERKSHIRE HATHAWAY INC, currently with $156.75 billion in CVE stock with ownership which is approximately 5.8325%.