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Cenovus Energy Inc. (NYSE: CVE) Share Price Might Move Down By -21.64%

In the last trading session, 5.67 million shares of the Cenovus Energy Inc. (NYSE:CVE) were traded, and its beta was 2.25. Most recently the company’s share price was $16.67, and it changed around $0.08 or 0.48% from the last close, which brings the market valuation of the company to $31.64B. CVE currently trades at a discount to its 52-week high of $24.81, offering almost -48.83% off that amount. The share price’s 52-week low was $14.38, which indicates that the current value has risen by an impressive 13.74% since then. We note from Cenovus Energy Inc.’s average daily trading volume that its 10-day average is 5.77 million shares, with the 3-month average coming to 7.86 million.

Cenovus Energy Inc. (NYSE:CVE) trade information

Instantly CVE has showed a green trend with a performance of 0.48% at the end of last trading. The performance over the last five days has remained in the green territory. The rise to weekly highs of 16.99 on Tuesday, 05/23/23 increased the stock’s daily price by 1.88%. The company’s shares are currently down -14.12% year-to-date, but still up 4.91% over the last five days. On the other hand, Cenovus Energy Inc. (NYSE:CVE) is -6.77% up in the 30-day period. We can see from the shorts that 44.07 million shares have been sold at a short interest cover period of 5.06 day(s).

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Cenovus Energy Inc. (CVE) estimates and forecasts

Cenovus Energy Inc. share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -17.68 percent over the past six months and at a -22.36% annual growth rate that is well below the industry average of -18.80%. Moreover, analysts have decided to roll up on their fiscal year 2023 revenue estimates. The rating firms predict that it will loss -46.60% in revenue this quarter, and will report an increase of 1.70% in the next quarter. The year-over-year growth rate is expected to be -13.60%, down from the previous year.

Consensus estimates provided by 2 financial analysts predict the company will bring in an average of $10.29 billion in revenue for the current quarter. 2 analysts expect Cenovus Energy Inc. to make $11.35 billion in revenue for the quarter ending Sep 2023. The company’s sales for the same quarters a year ago were $14.37 billion and $11.41 billion respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -28.40%. Forecasts for the next quarter put sales growth at -0.60%.

Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 9.20%. Cenovus Energy Inc. earnings are expected to increase by -15.10% in 2023, but the outlook is negative -11.14% per year for the next five years.

CVE Dividends

Cenovus Energy Inc.’s next quarterly earnings report is expected to be released around February 07 and February 11. The annual dividend yield of the stock is 2.47 percent and its annual dividend per share was 0.41. It is important to note, however, that the 2.47% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.

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

Upon looking at major shareholders, it appears that insiders hold 30.83% of Cenovus Energy Inc. shares, and 54.13% of them are in the hands of institutional investors. The stock currently has a share float of 78.26%. Cenovus Energy Inc. stock is held by 595 institutions, with Capital World Investors being the largest institutional investor. By Mar 30, 2023, it held 8.27% of the shares, which is about 157.7 million shares worth $2.75 billion.

Capital Research Global Investors, with 5.46% or 104.12 million shares worth $1.82 billion as of Mar 30, 2023, holds the second largest percentage of outstanding shares.

Growth Fund Of America Inc and Europacific Growth Fund were the top two Mutual Funds as of Mar 30, 2023. The former held 84.91 million shares worth $1.48 billion, making up 4.45% of all outstanding shares. On the other hand, Europacific Growth Fund held roughly 76.79 million shares worth around $1.34 billion, which represents about 4.02% of the total shares outstanding.

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