Scotiabank slashes price target on Cenovus Energy Inc [CVE] – find out why.

Cenovus Energy Inc [NYSE: CVE] slipped around -0.05 points on Friday, while shares priced at $17.41 at the close of the session, down -0.29%. The company report on February 15, 2024 at 6:00 AM that Cenovus announces fourth-quarter and full-year 2023 results.

“As expected, upstream operating performance was excellent through the final months of the year. This period also marked the second full quarter that our full suite of operated refining assets were available to us and I am very pleased with our progress,” said Jon McKenzie, Cenovus President & Chief Executive Officer. “With the work done in 2023, we are well positioned to continue capturing more margin across our businesses.”.

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Compared to the average trading volume of 11.10M shares, CVE reached a trading volume of 11027558 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus 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 $22.43 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 1.16. 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 0.46, with the Price to Sales ratio for CVE stock in the period of the last 12 months amounting to 0.85. The Price to Book ratio for the last quarter was 1.52, with the Price to Cash per share for the same quarter was set at 0.89. Price to Free Cash Flow for CVE in the course of the last twelve months was 14.17 with Quick ratio for the last quarter at 0.91.

How has CVE stock performed recently?

Cenovus Energy Inc [CVE] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 7.27. With this latest performance, CVE shares gained by 16.85% in over the last four-week period, additionally sinking by -10.12% over the last 6 months – not to mention a drop of -10.26% 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 66.42, with the RSI for the last a single of trading hit 73.15, and the three-weeks RSI is set at 60.71 for Cenovus Energy Inc [CVE]. The present Moving Average for the last 50 days of trading for this stock 16.18, while it was recorded at 16.78 for the last single week of trading, and 17.81 for the last 200 days.

Cenovus Energy Inc [CVE]: Deeper insight into the fundamentals

Cenovus Energy Inc’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.91 and a Current Ratio set at 1.56.

Earnings analysis for Cenovus Energy Inc [CVE]

With the latest financial reports released by the company, Cenovus Energy Inc posted 0.24/share EPS, while the average EPS was predicted by analysts to be reported at 0.25/share. When compared, the two values demonstrate that the company fail the estimates by a Surprise Factor of -4.00%. 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%.

Insider trade positions for Cenovus Energy Inc [CVE]

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%.