The stock of Cenovus Energy Inc (TSE:CVE) gapped up by $1.34 today and has $22.75 target or 9.00% above today’s $20.87 share price. The 6 months technical chart setup indicates low risk for the $16.95B company. The gap was reported on Nov, 30 by Barchart.com. If the $22.75 price target is reached, the company will be worth $1.53B 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 1.19 million shares traded hands. Cenovus Energy Inc (TSE:CVE) has risen 0.48% since April 26, 2016 and is uptrending. It has underperformed by 4.75% 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 -2.16% below today’s ($20.87) stock price. Cenovus Energy Inc has been the topic of 32 analyst reports since July 31, 2015 according to StockzIntelligence Inc. As per Tuesday, December 1, the company rating was upgraded by Goldman Sachs. The stock has “Outperform” rating given by Scotia Capital on Friday, July 29. TD Securities maintained Cenovus Energy Inc (TSE:CVE) on Friday, July 29 with “Buy” rating. The firm has “Hold” rating given on Thursday, August 11 by TD Securities. The stock of Cenovus Energy Inc (TSE:CVE) earned “Outperform” rating by National Bank Canada on Friday, February 12. The rating was upgraded by Goldman Sachs on Tuesday, January 26 to “Buy”. As per Monday, June 20, the company rating was maintained by RBC Capital Markets. The stock of Cenovus Energy Inc (TSE:CVE) earned “Hold” rating by TD Securities on Friday, October 28. The rating was maintained by Raymond James on Monday, June 6 with “”. The stock has “Underweight” rating given by Barclays Capital on Monday, October 12.
Another recent and important Cenovus Energy Inc (TSE:CVE) news was published by Wsj.com which published an article titled: “Cenovus Energy Posts Quarterly Loss” on October 27, 2016.
Cenovus Energy Inc is a Canada-based integrated oil company. The company has a market cap of $16.95 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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