The stock of Cenovus Energy Inc. (NYSE:CVE) is now priced at $5.08 and the shares are 0.21 points up or 4.31% higher compared to its previous closing price of $4.87. The stock had 4.542 million contracts set over the past session. CVE shares’ daily volume is compared to its average trading volume at 6.666 million shares. However, it has a float of 1020 million and although its performance was 12.39% over the week, it’s one to watch. It means the stock’s downside potential is -100% with the CVE share price recently placing at $4.9 to $5.08. However, some brokerage firms have priced the stock below the average, including one that has called $4.47.
The shorts are running away from the Cenovus Energy Inc. stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the CVE shares have declined. Short interest in the stock represents just 2.29% of its float, but the volume has dropped by 0.
In the last trading session, Cenovus Energy Inc. (NYSE:CVE) raised by $0.56 over the week and gained $0.84 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $10.82. The stock recorded its established 52-week high on 09/16/19.
Since 03/18/20, the stock has traded to a low of $1.41 at 260.28%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 2.76. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Cenovus Energy Inc.’s two-week RSI is 59.73. This suggests that the stock is neutral at the moment and that CVE shares’ price movement remains stable. The stochastic readings are equally revealing at 82.24% meaning the CVE share price is currently in oversold territory.
The technical chart shows that the CVE stock will likely settle at between $5.14 and $5.2 per share. However, if the stock dips below $4.96, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $4.84.
Currently, the stock is trading in the green of MACD, with a reading of 0.2. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Tudor Pickering cut their recommendation for CVE from Buy to Hold in March 25 review. JP Morgan analysts downgraded their recommendation of the stock from Overweight to Neutral in a flash note released to investors on March 04. Morgan Stanley seeing the stock struggling downgraded it from Equal-Weight to Underweight on October 22.
The average rating for the CVE equity is 2.5 and is currently gathering a bullish momentum. Of 10 analysts tracking Cenovus Energy Inc. polled by Reuters, 5 rated CVE as a hold. The remaining 5 analysts were split evenly. However, the split wasn’t equal as a majority (5) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Cenovus Energy Inc. (NYSE:CVE) will increase by about 64.21%, which will see them reach $3570 million. The company’s full-year revenues are, however, expected to increase by about 10.66%, up from $13410 million to $14840 million. CVE’s expected adjusted earnings should drop almost -50% to end up at -$0.02 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -66.67% to record $0.29/share.