Traders Are Bullish Cenovus Energy Inc After Today’s Gap Up

 Traders Are Bullish Cenovus Energy Inc After Today's Gap Up

The stock of Cenovus Energy Inc (TSE:CVE) gapped up by $0.07 today and has $27.27 target or 33.00% above today’s $20.50 share price. The 8 months technical chart setup indicates low risk for the $17.18 billion company. The gap was reported on Nov, 21 by Barchart.com. If the $27.27 price target is reached, the company will be worth $5.67 billion 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 1.09M shares traded hands. Cenovus Energy Inc (TSE:CVE) has risen 13.93% since April 15, 2016 and is uptrending. It has outperformed by 10.07% 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 -0.39% below today’s ($20.5) stock price. Cenovus Energy Inc has been the topic of 32 analyst reports since July 31, 2015 according to StockzIntelligence Inc. TD Securities maintained it with “Hold” rating and $21 target price in Friday, October 28 report. National Bank Canada upgraded the shares of CVE in a report on Friday, February 12 to “Outperform” rating. Barclays Capital downgraded it to “Underweight” rating and $23 target price in Monday, October 12 report. The stock of Cenovus Energy Inc (TSE:CVE) earned “Buy” rating by TD Securities on Friday, July 29. As per Monday, June 6, the company rating was maintained by Raymond James. The firm earned “Outperform” rating on Tuesday, October 25 by RBC Capital Markets. Goldman Sachs upgraded Cenovus Energy Inc (TSE:CVE) on Tuesday, January 26 to “Buy” rating. The rating was maintained by RBC Capital Markets on Friday, December 11 with “Outperform”. The firm has “Neutral” rating given on Tuesday, December 1 by Goldman Sachs. The company was initiated on Friday, August 19 by Bank of America.

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

Cenovus Energy Inc is a Canada-based integrated oil company. The company has a market cap of $17.18 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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