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Wednesday, January 20, 2021

The Forecast Just Changed on Cenovus Energy Inc. (NYSE:CVE)

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Cenovus Energy Inc. (CVE) shares are trading at higher $5.33 and the avg recommendation for the stock is Moderate Buy.

To add more color to this target, the company’s high over the last year is $10.52 and the low is $1.41. Over the last 52 weeks, CVE is down -39.43% while the S&P 500 is up 17.73%. The catalyst for this interesting swing was the company’s recent earnings report.

A Notable Earnings Report

In the last quarter, CVE reported a profit of 194.43 million. Cenovus Energy Inc. also saw revenues decrease to $2.75 billion. In addition, CVE has free cash flow of -$439.91 million as of 09-2020. The company’s EBITDA came in at $669.8 million which compares well with its peers.

CVE booked profit margins of -14.40%, its Return on Equity (ROE) is -11.90%, and its Return on Assets is -6.20%. All told, it is clear that, CVE needs to be on your watchlist.

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Of course, we must look beyond the financials and question how well those numbers represent the sustainable earnings power of the business. Investors need to know how sustainable this current run. CVE has a short ratio of 3.40 and outstanding shares of 1.23B.

Company Outlook

CVE has seen increased volume after this news and investors are putting their support behind the value proposition. Furthermore, 10-day volume stands at 6.51 million and more growth is possible in the weeks ahead. Traders will also note the company’s earnings per share came in at -1.32. Cenovus Energy Inc. CVE also noted assets of $23.76 billion at the end of the last quarter. Investors should also keep an eye on sector updates as CVE has historically followed its peers on positive news.

All told, Cenovus Energy Inc. CVE has strung together solid data and demonstrated underlying fundamentals. At its current valuation, CVE represents an interesting risk/reward case. Traders should stay tuned to see if this recent report will push the stock to test recent resistance levels.

Cenovus Energy Inc. CVE is now commanding a market cap of 6.48B and a float of 1.02B. CVE is increasing its credibility in this sector and that could lead to more upside down the line. Sign-up for continuing coverage on shares of CVE stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in CVE, either long or short, and we have not been compensated for this article.

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