What’s Cenovus Energy Inc Upside After Today’s Gap Up?

 What's Cenovus Energy Inc Upside After Today's Gap Up?

The stock of Cenovus Energy Inc (TSE:CVE) gapped up by $0.18 today and has $26.00 target or 32.00% above today’s $19.70 share price. The 8 months technical chart setup indicates low risk for the $16.46 billion company. The gap was reported on Nov, 15 by Barchart.com. If the $26.00 price target is reached, the company will be worth $5.27B more.
Gaps up are useful for using as a support level and to some extent as a tradeable event. If investors already hold the stock and experience a price gap up, then its usually a good idea to hold the stock for a stronger up move. Back-tests of these patterns indicate that two-thirds of the times the stock performance improves after the gap. The area gaps close 89% of the time, the breakaway gaps, 2%, the continuation gaps 4% and the exhaustion gaps 61%. About 537,393 shares traded hands. Cenovus Energy Inc (TSE:CVE) has risen 12.87% since April 11, 2016 and is uptrending. It has outperformed by 8.94% 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. $27 is the highest target while $15.50 is the lowest. The $20.42 average target is 3.65% above today’s ($19.7) stock price. Cenovus Energy Inc has been the topic of 32 analyst reports since July 31, 2015 according to StockzIntelligence Inc. TD Securities maintained Cenovus Energy Inc (TSE:CVE) on Friday, July 29 with “Buy” rating. As per Tuesday, January 26, the company rating was upgraded by Goldman Sachs. The stock of Cenovus Energy Inc (TSE:CVE) earned “” rating by Desjardins Securities on Tuesday, June 28. The stock of Cenovus Energy Inc (TSE:CVE) has “Hold” rating given on Friday, August 21 by Societe Generale. TD Securities downgraded Cenovus Energy Inc (TSE:CVE) rating on Thursday, August 11. TD Securities has “Hold” rating and $21 price target. The firm has “Neutral” rating given on Tuesday, December 1 by Goldman Sachs. The stock of Cenovus Energy Inc (TSE:CVE) has “” rating given on Monday, June 6 by Raymond James. RBC Capital Markets maintained Cenovus Energy Inc (TSE:CVE) on Tuesday, October 25 with “Outperform” rating. The rating was maintained by RBC Capital Markets with “Outperform” on Friday, December 11. As per Friday, October 28, the company rating was maintained by TD Securities.

More news for Cenovus Energy Inc (TSE:CVE) were recently published by: Seekingalpha.com, which released: “Hunting For Energy Discounts? Consider Cenovus Energy” on November 14, 2016. Wsj.com‘s article titled: “Cenovus Energy Posts Quarterly Loss” and published on October 27, 2016 is yet another important article.

Cenovus Energy Inc is a Canada-based integrated oil company. The company has a market cap of $16.46 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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