The stock of Cenovus Energy Inc (TSE:CVE) gapped down by $0.06 today and has $17.22 target or 9.00% below today’s $18.92 share price. The 8 months technical chart setup indicates high risk for the $15.54 billion company. The gap down was reported on Nov, 11 by Barchart.com. If the $17.22 price target is reached, the company will be worth $1.40 billion 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 645,040 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 “Hold” rating given on Thursday, August 11 by TD Securities. Societe Generale maintained Cenovus Energy Inc (TSE:CVE) rating on Friday, August 21. Societe Generale has “Hold” rating and $18 price target. The company was upgraded on Thursday, July 23 by Credit Suisse. The stock has “Outperform” rating given by Scotia Capital on Friday, July 29. Nomura upgraded the stock to “Neutral” rating in Thursday, January 21 report. The company was maintained on Friday, July 29 by TD Securities. The rating was maintained by RBC Capital Markets on Monday, June 20 with “Outperform”. RBC Capital Markets maintained Cenovus Energy Inc (TSE:CVE) on Friday, December 11 with “Outperform” rating. The firm has “” rating by Raymond James given on Monday, June 6. Bank of America initiated the shares of CVE in a report on Friday, August 19 with “Neutral” rating.
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 $15.54 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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