Cenovus Energy Inc (NYSE:CVE) traded at $21.57 at close of the session on Tuesday, April 09, made an upward move of 0.56% on its previous day’s price.
Looking at the stock we see that its previous close was $21.45 and the beta (5Y monthly) reads 2.79 . The company has a trailing 12-month PE ratio of 13.67. In terms of its 52-week price range, CVE has a high of $21.54 and a low of $14.69. The company’s stock has gained about 22.14% over that past 30 days.
Cenovus Energy Inc has a market cap of $40.38 billion and is expected to release its quarterly earnings report on Apr 24, 2024 – Apr 29, 2024. With its Forward Dividend at 0.42 and a yield of 1.93%, the company’s investors could be anxious for the CVE stock to gain ahead of the earnings release. Estimates by analysts give the company expected earnings per share (EPS) of $0.34, with the EPS growth for the year raised at $1.88 for 2024 and $2.23 for next year. These figures represent 20.50% and 18.60% growth in EPS for the two years respectively.
Analysts tracking the company’s growth have also given it a consensus growth in revenue estimated at $10.18 billion, with a low of $9.8 billion and a high of $10.57 billion. The median projection represents growth squeezing down to 9.30% compared to sales growth for the corresponding quarter a year ago. According to analyst consensus estimates figures, the company’s yearly revenue forecast for 2024 is expected to hit $39.48 billion, or 2.90% up from figures reported last year.
There have been no upward and no downward revisions for the stock’s EPS in last 7 days, something that reflects the nature of company’s price movement in short term. On the other hand, looking at the outlook for the CVE stock, short term indicators assign the stock an average of 100% Buy, while medium term indicators assign it an average of Hold. Long term indicators on average place the stock in the category of 50% Buy.
Looking further, we note that the PEG ratio for the CVE stock currently stands at 0.57, and the current price level is 9.96% off its SMA20 and 19.95% from its 50-day simple moving average. The RSI (14) is pointing at 89.03 while the volatility over the past week is 1.91% and jumps to 1.81% over the past one month. The beta value is 2.14, while the average true range (ATR) is currently pointing at 0.38.
Coming back to Cenovus Energy Inc (NYSE:CVE), we note that the average 3-month trading volume was 11.60 million, while that of the preceding 10-day period stands at 8.79 million. Current shares outstanding are 1.87 billion.
The insiders hold 29.51% of the company’s shares while institutions hold 56.03%. The data shows that short shares as of Mar 15, 2024, stood at 28.29 million at a short ratio of 2.98. This represents a 1.51% short interest in shares outstanding on Mar 15, 2024. Shares short fall in March from the previous month at 34.43 million. Investors should be excited about this stock as its upside potential is great, with current price pushing the stock 29.55% up in year-to-date price movement.
