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Does Cenovus Energy Inc. (CVE)’s Current Price Volatility Hinder Its Future Potential?

Cenovus Energy Inc. (NYSE:CVE) has a beta value of 2.30 and has seen 4.93 million shares traded in the last trading session. The company, currently valued at $36.17B, closed the last trade at $19.08 per share which meant it lost -$0.12 on the day or -0.63% during that session. The CVE stock price is -30.03% off its 52-week high price of $24.81 and 32.08% above the 52-week low of $12.96. If we look at the company’s 10-day average daily trading volume, we find that it stood at 7.64 million shares traded. The 3-month trading volume is 6.51 million shares.

Cenovus Energy Inc. (NYSE:CVE) trade information

Sporting -0.63% in the red in last session, the stock has traded in the red over the last five days, with the highest price hit on Tuesday, 01/24/23 when the CVE stock price touched $19.08 or saw a rise of 3.25%. Year-to-date, Cenovus Energy Inc. shares have moved -1.70%, while the 5-day performance has seen it change -0.42%. Over the past 30 days, the shares of Cenovus Energy Inc. (NYSE:CVE) have changed 0.10%. Short interest in the company has seen 36.75 million shares shorted with days to cover at 4.22.

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Cenovus Energy Inc. (CVE) estimates and forecasts

Figures show that Cenovus Energy Inc. shares have outperformed across the wider relevant industry. The company’s shares have gained 8.30% over the past 6 months, with this year growth rate of 229.63%, compared to 50.00% for the industry. Other than that, the company has, however, increased its growth outlook for the 2023 fiscal year revenue. Growth estimates for the current quarter are 242.90% and 517.60% for the next quarter. Revenue growth from the last financial year stood is estimated to be 43.70%.

2 analysts offering their estimates for the company have set an average revenue estimate of $11.46 billion for the current quarter. 2 have an estimated revenue figure of $11.6 billion for the next quarter concluding in Dec 2022. Year-ago sales stood $10.03 billion and $10.86 billion respectively for this quarter and the next, and analysts expect sales will grow by 14.30% for the current quarter and 6.80% for the next.

If we evaluate the company’s growth over the last 5-year and for the next 5-year period, we find that annual earnings growth was 20.00% over the past 5 years. Earnings growth for 2023 is a modest 114.00% while over the next 5 years, the company’s earnings are expected to increase by 75.00%.

CVE Dividends

Cenovus Energy Inc. is expected to release its next earnings report between February 07 and February 11 this year, and investors are excited at the prospect of better dividends despite the company’s debt issue. The forward dividend is 0.31 at a share yield of 1.62%. The company’s dividend yield has gone up over the past 12 months.

Cenovus Energy Inc. (NYSE:CVE)’s Major holders

Insiders own 28.65% of the company shares, while shares held by institutions stand at 52.77% with a share float percentage of 73.96%. Investors are also buoyed by the number of investors in a company, with Cenovus Energy Inc. having a total of 585 institutions that hold shares in the company. The top two institutional holders are Capital World Investors with over 122.52 million shares worth more than $2.33 billion. As of Jun 29, 2022, Capital World Investors held 6.37% of shares outstanding.

The other major institutional holder is FMR, LLC, with the holding of over 109.46 million shares as of Jun 29, 2022. The firm’s total holdings are worth over $2.08 billion and represent 5.69% of shares outstanding.

Also the top two Mutual Funds that are holding company’s shares are Growth Fund Of America Inc and Europacific Growth Fund. As of Sep 29, 2022, the former fund manager holds about 4.01% shares in the company for having 77.09 million shares of worth $1.18 billion while later fund manager owns 64.56 million shares of worth $992.27 million as of Sep 29, 2022, which makes it owner of about 3.36% of company’s outstanding stock.

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