The stock of Cenovus Energy Inc (TSE:CVE) gapped down by $0.46 today and has $17.24 target or 9.00% below today’s $18.94 share price. The 5 months technical chart setup indicates high risk for the $15.32B company. The gap down was reported on Nov, 29 by Barchart.com. If the $17.24 price target is reached, the company will be worth $1.38 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 325,942 shares traded hands. Cenovus Energy Inc (TSE:CVE) has risen 2.86% since April 25, 2016 and is uptrending. It has underperformed by 2.40% 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 7.81% above today’s ($18.94) 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 “Buy” rating and $21 target price in Friday, July 29 report. RBC Capital Markets maintained the stock with “Outperform” rating in Friday, December 11 report. The firm has “” rating by Raymond James given on Monday, June 6. TD Securities downgraded it to “Hold” rating and $21 target price in Thursday, August 11 report. Goldman Sachs upgraded Cenovus Energy Inc (TSE:CVE) on Tuesday, January 26 to “Buy” rating. The firm has “Hold” rating given on Friday, August 21 by Societe Generale. The firm has “Outperform” rating given on Friday, February 12 by National Bank Canada. The firm has “Outperform” rating given on Friday, July 29 by Scotia Capital. RBC Capital Markets maintained it with “Outperform” rating and $23 target price in Monday, June 20 report. On Thursday, July 23 the stock rating was upgraded by Credit Suisse to “Outperform”.
Another recent and important Cenovus Energy Inc (TSE:CVE) news was published by Business.Financialpost.com which published an article titled: “Cenovus Energy posts $267-million loss in second quarter, says cost-reductions …” on July 28, 2016.
Cenovus Energy Inc is a Canada-based integrated oil company. The company has a market cap of $15.32 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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