Why Cenovus Energy Inc (CVE) Stock Could See Much Higher Prices Ahead

Cenovus Energy Inc (NYSE: CVE) is -2.52% lower on its value in year-to-date trading and has touched a low of $14.69 and a high of $21.37 in the current 52-week trading range. The question becomes, what are the chances the stock will make a comeback and enjoy potential growth. Why not look at analysts view on what the future holds for the stock. The CVE stock was last observed hovering at around $16.30 in the last trading session, with the day’s loss setting it -0.07%.

Currently trading at $16.23, the stock is 3.49% and -0.26% below its SMA20 and SMA50 respectively. However, with a daily trading volume of 10.19 million and changing -0.43% at the moment leaves the stock -8.83% off its SMA200. CVE registered -16.77% loss for a year compared to 6-month loss of -16.38%. The firm has a 50-day simple moving average (SMA 50) of $0.66 and a 200-day simple moving average (SMA200) of $3.61.

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The stock witnessed a 0.43% gain in the last 1 month and extending the period to 3 months gives it a -7.42%, and is 2.53% up over the last 5 days. If we measure the stock’s price variations over the week and the month, we find that the volatility rates stand at 2.32% over the week and 2.55% over the month.

Cenovus Energy Inc (CVE) has around Dec 14 2023 employees, a market worth around $30.78B and $39.40B in sales. Current P/E ratio is 10.28 and Fwd P/E is 7.79. Profit margin for the company is 7.76%. Distance from 52-week low is 10.48% and -24.05% from its 52-week high. The company has generated returns on investments over the last 12 months (10.74%).

Cenovus Energy Inc quarterly earnings per share for the current quarter are estimated at $0.25 with sales reaching $10.09B over the same period.The EPS is expected to shrink by -31.62% this year, but quarterly earnings will post -19.50% year-over-year. Quarterly sales are estimated to shrink -4.10% in year-over-year returns.

Cenovus Energy Inc (CVE) Top Institutional Holders

596 institutions hold shares in Cenovus Energy Inc (CVE), with institutional investors hold 81.49% of the company’s shares. The shares outstanding are 1.91B, and float is at 1.34B with Short Float at 2.84%. Institutions hold 56.02% of the Float.

The top institutional shareholder in the company is Capital Research Global Investors with over 155.04 million shares valued at $2.63 billion. The investor’s holdings represent 8.22% of the CVE Shares outstanding. As of Jun 29, 2023, the second largest holder is Capital World Investors with 147.37 million shares valued at $2.5 billion to account for 7.82% of the shares outstanding. The other top investors are FMR, LLC which holds 63.0 million shares representing 3.34% and valued at over $1.07 billion, while Vanguard Group Inc holds 2.59% of the shares totaling 48.79 million with a market value of $828.46 million.

Cenovus Energy Inc (CVE): Who are the competitors?

The company’s main competitors (and peers) include APA Corp. (APA) that is trading -29.73% down over the past 12 months. Reliance Industries Ltd. GDR (RLNIY) that is -100.00% lower over the same period.