CVE Stock Summary and Trading Ideas (Cenovus Energy | NYSE:CVE)

Cenovus Energy Inc is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 786 thousand barrels of oil equivalent per day in 2022. The company had upstream projects across Western Canada; crude oil production and natural gas and NGLs production offshore China and Indonesia. The downstream operations include upgrading and refining operations in Canada and the U.S., and commercial fuel operations across Canada.

Cenovus Energy trades on the NYSE stock market under the symbol CVE.

As of April 15, 2024, CVE stock price declined to $20.55 with 12,824,646 million shares trading.

CVE has a beta of 0.37, meaning it tends to be less sensitive to market movements. CVE has a correlation of 0.02 to the broad based SPY ETF.

CVE has a market cap of $38.38 billion. This is considered a Large Cap stock.

Last quarter Cenovus Energy reported $10 billion in Revenue and $.29 earnings per share. This fell short of revenue expectation by $-460 million and exceeded earnings estimates by $.04.

In the last 3 years, CVE stock traded as high as $24.91 and as low as $7.16.

The top ETF exchange traded funds that CVE belongs to (by Net Assets): DFIV, GSIE, DFIC, FTLS, DIHP.

CVE stock has underperformed the market in the last year with a return of +16.5%, while SPY returned +25.3%. This shows that you would have done better investing in the overall market (through SPY) over the last year than in CVE shares. However, CVE has outperformed the market in the last 3 month and 2 week periods, returning +32.5% and +2.8%, while SPY returned +6.2% and -3.6%, respectively. This indicates CVE has been having a stronger performance recently.

CVE support price is $20.64 and resistance is $21.26 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that CVE stock will trade within this expected range on the day.