Cenovus Energy Shares Gap Up Following Strong Earnings (CVE)
Shares of Cenovus Energy (NYSE:CVE) gapped up prior to trading on Wednesday following a stronger than expected earnings report, American Banking & Market News reports. The stock had previously closed at $30.14, but opened at $30.21. Cenovus Energy shares last traded at $30.67, with a volume of 914,739 shares changing hands.
The company reported $0.62 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.48 by $0.14. During the same quarter last year, the company posted $0.34 earnings per share.
A number of analysts have recently weighed in on CVE shares. Analysts at Barclays downgraded shares of Cenovus Energy from an “overweight” rating to an “equal weight” rating in a research note on Friday, July 25th. Separately, analysts at CIBC reiterated a “sector perform” rating on shares of Cenovus Energy in a research note on Thursday, July 17th. They now have a $37.50 price target on the stock, up previously from $36.00. Finally, analysts at Cormark downgraded shares of Cenovus Energy from a “buy” rating to a “market perform” rating in a research note on Tuesday, July 8th. Ten investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Cenovus Energy has an average rating of “Hold” and a consensus price target of $35.20.
The stock has a 50-day moving average of $31.38 and a 200-day moving average of $28.72. The company has a market cap of $23.334 billion and a price-to-earnings ratio of 33.68.
Cenovus Energy, Inc (NYSE:CVE) is Canadian integrated oil company.
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