This trade activity should not be overlooked: Cenovus Energy Inc. (CVE)

Cenovus Energy Inc. (NYSE: CVE) stock jumped 1.08% on Wednesday to $16.85 against a previous-day closing price of $16.67. With 5.91 million shares changed hands, the volume of the stock remained lighter than its average volume of 7.88 million shares. During the session, the Oil & Gas Integrated company that operates in wider Energy sector, reached to the highest price of $17.02 whereas the lowest price it dropped to was $16.63. The 52-week range on CVE shows that it touched its highest point at $24.81 and its lowest point at $14.38 during that stretch. It currently has a 1-year price target of $22.48. With its current market cap of 31.98 billion, CVE has annualized dividend of $0.41 while the current yield stands at 2.44%. Beta for the stock currently stands at 2.25.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of CVE was up-trending over the past week, with a rise of 4.08%, but this was down by -0.94% over a month. Three-month performance dropped to -6.65% while six-month performance fell -14.64%. The stock lost -22.71% in the past year, while it has lost -13.19% so far this year. A look at the trailing 12-month EPS for CVE yields 2.01 with Next year EPS estimates of 3.57. For the next quarter, that number is 0.65. This implies an EPS growth rate of -15.10% for this year and 31.86% for next year. EPS is expected to decline by -11.14% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 9.20%.

Float and Shares Shorts:

At present, 1.91 billion CVE shares are outstanding with a float of 1.37 billion shares on hand for trading. On Apr 27, 2023, short shares totaled 44.07 million, which was 2.31% higher than short shares on Mar 30, 2023. In addition to Mr. Alexander J. Pourbaix as the firm’s Exec. Chair, Mr. Jonathan M. McKenzie CA serves as its Pres, CEO & Non-Independent Director.

Institutional Ownership:

Through their ownership of 54.13% of CVE’s outstanding shares, institutional investors have majority control over the company. Other institutions hold — of CVE, in contrast to — held by mutual funds. Shares owned by individuals account for –. With a 4.45% stake in CVE, the American Funds Growth Fund of Ame is the largest stakeholder. A total of 84,909,510 shares are owned by the mutual fund manager. The American Funds EuroPacific Growth, which owns about 4.02% of CVE stock, is the second-largest Mutual Fund holder. It holds 76,788,031 shares valued at 1.29 billion. American Funds New Perspective Fu holds 2.02% of the stake in CVE, owning 38,482,841 shares worth 646.51 million.

An Overview of Recent Financials:

Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, CVE reported revenue of $20.75B and operating income of $3.88B. The EBITDA in the recently reported quarter was $5.08B and diluted EPS was $1.19.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for CVE since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With CVE analysts setting a high price target of $27.89 and a low target of $18.91, the average target price over the next 12 months is $22.45. Based on these targets, CVE could surge 65.52% to reach the target high and rise by 12.23% to reach the target low. Reaching the average price target will result in a growth of 33.23% from current levels.

EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy.

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