The stock of Cenovus Energy Inc (TSE:CVE) gapped down by $0.13 today and has $17.18 target or 8.00% below today’s $18.67 share price. The 8 months technical chart setup indicates high risk for the $15.34 billion company. The gap down was reported on Nov, 11 by Barchart.com. If the $17.18 price target is reached, the company will be worth $1.23B 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 301,894 shares traded hands. Cenovus Energy Inc (TSE:CVE) has risen 15.78% since April 7, 2016 and is uptrending. It has outperformed by 9.64% 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. The firm has “Outperform” rating by National Bank Canada given on Friday, February 12. The rating was upgraded by Nomura on Thursday, January 21 to “Neutral”. Desjardins Securities maintained the stock with “” rating in Tuesday, June 28 report. The firm earned “Neutral” rating on Tuesday, December 1 by Goldman Sachs. As per Friday, December 11, the company rating was maintained by RBC Capital Markets. Bank of America initiated the stock with “Neutral” rating in Friday, August 19 report. The rating was maintained by RBC Capital Markets with “Outperform” on Monday, June 20. The firm has “Outperform” rating given on Thursday, July 23 by Credit Suisse. The firm has “” rating by Raymond James given on Monday, June 6. The stock of Cenovus Energy Inc (TSE:CVE) earned “Outperform” rating by Scotia Capital on Friday, July 29.
More recent Cenovus Energy Inc (TSE:CVE) news were published by: Wsj.com which released: “Cenovus Energy Posts Quarterly Loss” on October 27, 2016. Also Prnewswire.com published the news titled: “Technical Roundup on Oil & Gas Stocks — RSP Permian, Vanguard Natural …” on November 11, 2016. Nasdaq.com‘s news article titled: “Cenovus Energy Breaks Below 200-Day Moving Average – Notable for CVE” with publication date: November 04, 2016 was also an interesting one.
Cenovus Energy Inc is a Canada-based integrated oil company. The company has a market cap of $15.34 billion. It is engaged in the business of developing, producing and marketing crude oil, natural gas liquids and natural gas. It currently has negative earnings. The Company’s divisions include Oil Sands, Conventional, Refining and Marketing, and Corporate and Eliminations.
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