What’s Ahead for Cenovus Energy Inc After Today’s Gap Down?

 What's Ahead for Cenovus Energy Inc After Today's Gap Down?

The stock of Cenovus Energy Inc (TSE:CVE) gapped down by $0.04 today and has $18.42 target or 6.00% below today’s $19.60 share price. The 6 months technical chart setup indicates high risk for the $15.79B company. The gap down was reported on Oct, 31 by Barchart.com. If the $18.42 price target is reached, the company will be worth $947.40 million less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 919,824 shares traded hands. Cenovus Energy Inc (TSE:CVE) has risen 18.59% since March 24, 2016 and is uptrending. It has outperformed by 15.12% the S&P500.

Cenovus Energy Inc (TSE:CVE) Ratings Coverage

Out of 8 analysts covering Cenovus Energy Inc (TSE:CVE), 4 rate it a “Buy”, 0 “Sell”, while 4 “Hold”. This means 50% are positive. Cenovus Energy Inc has been the topic of 32 analyst reports since July 31, 2015 according to StockzIntelligence Inc. RBC Capital Markets maintained the shares of CVE in a report on Tuesday, October 25 with “Outperform” rating. The stock of Cenovus Energy Inc (TSE:CVE) earned “Outperform” rating by National Bank Canada on Friday, February 12. As per Tuesday, December 1, the company rating was upgraded by Goldman Sachs. The firm earned “Neutral” rating on Friday, August 19 by Bank of America. The firm has “Neutral” rating by Nomura given on Thursday, January 21. On Tuesday, January 26 the stock rating was upgraded by Goldman Sachs to “Buy”. As per Friday, August 21, the company rating was maintained by Societe Generale. The rating was downgraded by TD Securities to “Hold” on Thursday, August 11. The firm earned “Outperform” rating on Friday, December 11 by RBC Capital Markets. The firm earned “” rating on Tuesday, June 28 by Desjardins Securities.

Another recent and important Cenovus Energy Inc (TSE:CVE) news was published by Wsj.com which published an article titled: “Cenovus Energy Posts Quarterly Loss” on October 27, 2016.

Cenovus Energy Inc is a Canada-based integrated oil company. The company has a market cap of $15.79 billion. It is engaged in the business of developing, producing and marketing crude oil, natural gas liquids and natural gas. It has a 21.07 P/E ratio. The Company’s divisions include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations.

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