Let’s Dive Into The Cenovus Energy Inc (NYSE: CVE) Stock Forecast.

In the last trading session, 12.1 million Cenovus Energy Inc (NYSE:CVE) shares changed hands as the company’s beta touched 2.14. With the company’s per share price at $16.56 changed hands at $0.33 or 2.03% during last session, the market valuation stood at $31.41B. CVE’s last price was a discount, traded about -29.05% off its 52-week high of $21.37. The share price had its 52-week low at $14.69, which suggests the last value was 11.29% up since then. When we look at Cenovus Energy Inc’s average trading volume, we note the 10-day average is 11.1 million shares, with the 3-month average coming to 1.15.

Cenovus Energy Inc (NYSE:CVE) trade information

Instantly CVE was in green as seen at the end of in last trading. With action 5.21%, the performance over the past five days has been green. The jump to weekly highs of 16.57 added 2.03% to the stock’s daily price. The company’s shares are showing year-to-date downside of -0.54%, with the 5-day performance at 5.21% in the green. However, in the 30-day time frame, Cenovus Energy Inc (NYSE:CVE) is 4.22% up. Looking at the short shares, we see there were 38.11 million shares sold at short interest cover period of 3.3 days.

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Cenovus Energy Inc (CVE) estimates and forecasts

Data shows that the Cenovus Energy Inc share is performing relatively much not better than most of its peers within the same industry. As can be gleaned from the statistics, the company’s share value shot -16.32% over the past 6 months, a -36.59% in annual growth rate that is considerably lower than the industry average of -20.60%. Moreover, analysts have looked to lower expectations by upgrading its fiscal year 2024 revenue estimates. The rating firms predict current quarter revenue for Cenovus Energy Inc will fall -13.80%, while the growth in revenue is estimated to hit 62.50% for the next quarter. Year-over-year growth is forecast to reach -19.50% down from the last financial year.

Consensus estimates given by 2 financial analysts project the company’s revenue in the current quarter to hit an average of $10.08 billion. 1 analysts are of the opinion that Cenovus Energy Inc’s revenue for the quarter ending Mar 2024 will be $10.5 billion. The company’s revenue for the corresponding quarters a year ago was $10.52 billion and $9.31 billion respectively. According to analysts, the company will likely register a growth in its current quarter sales, forecast at -4.20%. The estimates for the next quarter sales put growth at 12.80%.

Looking at the company’s year-on-year earnings, data shows that the past 5-year has an earnings growth rate of 8.28%. The 2024 estimates are for Cenovus Energy Inc earnings to decrease by -31.62%, but the outlook for the next 5-year period is at -8.41% per year.

CVE Dividends

Cenovus Energy Inc is expected to release its next quarterly earnings report on February 15. The 2.36% annual yield figure for the share gives it an annual dividend of 0.39. It is important to note, however, that the 2.36% dividend yield ratio should serve as a guide only, as you should also take into consideration many other aspects of a company’s operations and fundamentals before making any investment decision.

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