Future Outlook And Stock Price Performance For Cenovus Energy Inc (NYSE: CVE)

In the last trading session, 6.09 million shares of the Cenovus Energy Inc (NYSE:CVE) were traded, and its beta was 2.16. Most recently the company’s share price was $20.11, and it changed around $0.12 or 0.60% from the last close, which brings the market valuation of the company to $37.64B. CVE currently trades at a discount to its 52-week high of $21.37, offering almost -6.27% off that amount. The share price’s 52-week low was $14.69, which indicates that the current value has risen by an impressive 26.95% since then. We note from Cenovus Energy Inc’s average daily trading volume that its 10-day average is 9.67 million shares, with the 3-month average coming to 11.74 million.

Cenovus Energy Inc stock received a consensus recommendation rating of Buy, based on a mean score of 1.11. If we narrow it down even further, the data shows that 1 out of 14 analysts rate the stock as a Sell; another 1 rate it as Overweight. Among the rest, 6 recommended CVE as a Hold, whereas 6 deemed it a Buy, and 0 rated it as Underweight. Cenovus Energy Inc is expected to report earnings per share of $0.34 for the current quarter.

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Cenovus Energy Inc (NYSE:CVE) trade information

Instantly CVE has showed a green trend with a performance of 0.60% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 20.78% year-to-date, but still up 3.87% over the last five days. On the other hand, Cenovus Energy Inc (NYSE:CVE) is 15.38% up in the 30-day period. We can see from the shorts that 28.29 million shares have been sold at a short interest cover period of 2.98 day(s).

The consensus price target as assigned by Wall Street analysts is $17.01, which translates to bulls needing to decrease their stock price by -18.22% from its current value. Analyst projections state that CVE is forecast to be at a low of $11.538339185 and a high of $19.89368825.

Cenovus Energy Inc (CVE) estimates and forecasts

Cenovus Energy Inc share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -4.74 percent over the past six months and at a 10.19% annual growth rate that is well above the industry average of -0.30%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 41.70% in revenue this quarter, and will report an increase of 43.80% in the next quarter. The year-over-year growth rate is expected to be 2.20%, up from the previous year.

Consensus estimates provided by 2 financial analysts predict the company will bring in an average of $10.25 billion in revenue for the current quarter. 2 analysts expect Cenovus Energy Inc to make $10.28 billion in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $9.31 billion and $9.51 billion respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 10.10%. Forecasts for the next quarter put sales growth at 8.10%.

Cenovus Energy Inc earnings are expected to increase by 18.58% in 2024, but the outlook is positive 24.00% per year for the next five years.

CVE Dividends

Cenovus Energy Inc’s next quarterly earnings report is expected to be released around April 24 and April 29. The annual dividend yield of the stock is 2.07 percent and its annual dividend per share was 0.42. It is important to note, however, that the 2.07% 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 31.50% of Cenovus Energy Inc shares, and 55.58% of them are in the hands of institutional investors. The stock currently has a share float of 81.14%. Cenovus Energy Inc stock is held by 620 institutions, with Capital Research Global Investors being the largest institutional investor. By Jun 29, 2023, it held 8.22% of the shares, which is about 155.04 million shares worth $2.63 billion.

Capital World Investors, with 7.82% or 147.37 million shares worth $2.5 billion as of Jun 29, 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 Jun 29, 2023. The former held 93.99 million shares worth $1.6 billion, making up 4.98% of all outstanding shares. On the other hand, Europacific Growth Fund held roughly 72.67 million shares worth around $1.23 billion, which represents about 3.85% of the total shares outstanding.