Cenovus Energy Inc. | CVE

Daily Technical Analysis of Cenovus Energy Inc.

There wasn't too much excitement in Cenovus Energy today which only managed to move up 0.24% on the day.

The Oil & Gas company isn't at an immediate support or resistance level that might be predictive. Cenovus Energy hasn't established a very strong momentum in either direction over the last 3 months. We'll see if a stronger consensus among market participants emerges. CVE might find some support at the 20.8 level, buyers might push the price back up from here. But it's not very clear what will happen.

Last analyzed on 2024-03-17

Analyst Ratings for Cenovus Energy By Price Target And Rating

The balance of viewpoints by the analysts is positive. The current Analysts Sentiment Score is 72.19. Most companies range between (-200 to 200).

Here's a break down of the latest rating changes. Morgan Stanley gave a boost to their price target and moved to $30.00 from $28.00 on 2024-03-28. UBS Group upgraded from Neutral to Buy on 2024-02-23. Royal Bank of Canada announced that they are reiterating a rating of Outperform on 2024-01-26 and added a price target of $28.00. On 2023-09-06 there was an upgrade provided by Scotiabank from Sector Perform to Sector Outperform. The Goldman Sachs Group upgraded from Neutral to Buy on 2023-06-06 and also increased their price target by 10% to $22.00.

Company	Ratings Score ? Composite analyst sentiment score	Positive Ratings	Negative Ratings	Boost Price Target	Lower Price Target
CVE	72.19	96.78	0	47.6	0

Earnings Per Share (EPS) Estimates By Year and Quarter

(updated 2024-04-10)

Company	YOY Growth Score (typical -20 to +20)	Revision Directions (-6 to +6)
CVE	0.00	0.00

Short interest for Cenovus Energy

We take into account several different measures of short interest to create a composite score. These measures are shown in the chart below. Short selling is when investors are betting against a stock. We compile these factors to create a dynamic Short Score - this can indicate poor sentiment, internal problems with a company or industry and the anticipation of future price declines. We look at the short interest percent, days to cover, the rate of change and total shares sold short.

Company	Short Score (typical 1-15) ? We take into account several different measures and attributes of short interest to create a composite sentiment score. typical range (0 - 30)	Short Interest	Days to Cover	Rate of Change	Shares Short
CVE	3.86	%2.9	5.1	-7.062	38460000

How Cenovus Energy compares to the broader Energy sector and the more specific Oil & Gas - Integrated industry

Segment	Count	1 Day%	5 Day	1 Month	3 Month	6 Month	1 Year	RSI	3mo S-momo ? Smooth Momentum is our proprietary technical indicator that looks for momentum with the greatest consistency and steady velocity. We have penalized dramatic swings and fluctuations. If the momentum is too high and an asset spikes upward, this is often unreliable and collapses back down. But the smoothed momentum provides the highest probability of continuing into the near future with the same directional rate of change. Several complex factors are weighted by neural nets to maximize probabilistic accuracy. It works the same with positive or negative directions.	6mo S-momo	1yr S-momo	Resistance ? Support and Resistance levels are determined by previous high and low points. You may be familiar with traders drawing lines across charts where several peaks or valleys occur in the same range. This helps us understand the trading range of an asset where the market doesn't perceive it to be worth more or less than a certain price level. When it nears the boundaries of this range the probability of reversal can increase. Our neural nets create scores for this measure based on many factors such as the frequency, recency, size, consistency, etc of previous reversal points.	Support	Demark Sell ? Demark 9 indicators are designed to look for exhaustion in the selling or buying trend which can often be predictive of a reversal point. This indicator is triggered when there are 9 consecutive days where the closing price is higher/lower than the closing price 4 days ago. Like all indicators, it is best used in combinations with other factors.	Demark Buy	Short Interest	Analysts Ratings ? We track several different measures of analyst sentiment including ratings and price targets. To create a composite Analyst Sentiment Score, we weight several factors such as the recent rate of change which can be more predictive than the absolute level. We also weight each analyst's opinion based on their historic accuracy. We built in a time decay function to ensure that the rating reflects the current sentiment levels. Typical range (-80 to +80)
Oil & Gas - Integrated Show Me Companies With: S-Momentum: Highest \| Lowest At Bottom Support At Top Resistance RSI Highest \| Lowest 1 Day Growth: Highest \| Lowest 5 Day Growth: Highest \| Lowest 1 Month Growth: Highest \| Lowest 6 Month Growth: Highest \| Lowest List All Stocks	5	0.29	1.76	5.76	12.38	6.53	17.26	65.20	0.97	1.38	4.16	-3333.56	-5009.14	50.00	0.00	2.16	46.68
Energy Show Me Companies With: S-Momentum: Highest \| Lowest At Bottom Support At Top Resistance RSI Highest \| Lowest 1 Day Growth: Highest \| Lowest 5 Day Growth: Highest \| Lowest 1 Month Growth: Highest \| Lowest 6 Month Growth: Highest \| Lowest List All Stocks	109	-0.44	0.80	-0.71	9.85	5.45	72.09	64.43	18.93	11.32	11.67	-6096.75	-14665.92	39.22	2.29	3.95	28.77

Social Sentiment for Cenovus Energy

Social Sentiment is an aggregation of several different factors such as news, articles, blogs, user content, ratings, etc. Which is shown in the chart below. It may become predictive of a reversal if price and the sentiment diverge. Broader market forces may push prices up or down but if market participants maintain a different view on a specific stock, it may be taken as an opportunity to buy or sell in those cases.

Ticker	Social Sentiment(1-10)
CVE

Companies with the highest correlation to Cenovus Energy

Company	Score	1 Day%	5 Day	1 Month	3 Month	6 Month	1 Year	RSI	3mo S-momo ? Smooth Momentum is our proprietary technical indicator that looks for momentum with the greatest consistency and steady velocity. We have penalized dramatic swings and fluctuations. If the momentum is too high and an asset spikes upward, this is often unreliable and collapses back down. But the smoothed momentum provides the highest probability of continuing into the near future with the same directional rate of change. Several complex factors are weighted by neural nets to maximize probabilistic accuracy. It works the same with positive or negative directions.	6mo S-momo	1yr S-momo	Resistance ? Support and Resistance levels are determined by previous high and low points. You may be familiar with traders drawing lines across charts where several peaks or valleys occur in the same range. This helps us understand the trading range of an asset where the market doesn't perceive it to be worth more or less than a certain price level. When it nears the boundaries of this range the probability of reversal can increase. Our neural nets create scores for this measure based on many factors such as the frequency, recency, size, consistency, etc of previous reversal points.	Support	Demark Sell ? Demark 9 indicators are designed to look for exhaustion in the selling or buying trend which can often be predictive of a reversal point. This indicator is triggered when there are 9 consecutive days where the closing price is higher/lower than the closing price 4 days ago. Like all indicators, it is best used in combinations with other factors.	Short Interest Score
CNQ \| Canadian Natural Resource	1.55	0.56	1.03	1.34	20.86	20.32	31.46	71	15.79	22.02	18.98	0.00	-34500.06	150	5.80573
DVN \| Devon Energy Corporation	1.4	0.98	1.50	4.84	25.20	9.95	0.79	90	-0.86	-2.07	-8.12	165.24	-5582.33	150	1.61838
ERF \| Enerplus Corporation	1.39	0.59	2.56	3.97	40.77	18.29	42.14	82	9.16	10.76	10.93	-315.72	-14832.81	0	1.30865
MRO \| Marathon Oil Corporation	1.39	0.42	0.53	-2.45	20.98	-1.69	18.70	96	0.55	0.11	-4.89	-2502.82	-9143.81	100	0.91967
PXD \| Pioneer Natural Resource	1.38	-0.06	1.86	4.89	19.80	12.31	23.76	83	7.23	10.05	9.74	-1024.69	-22440.11	150	1.08843
CPG \| CRESCENT POINT ENERGY COR	1.37	1.69	3.57	9.89	38.04	12.50	26.05	81	2.22	2.03	-5.24	-2123.08	-4525.32	150	1.8553
FANG \| Diamondback Energy, Inc.	1.36	0.91	3.17	4.51	34.71	25.76	51.25	86	28.65	34.06	42.44	0.00	-24853.65	0	2.56591
EOG \| EOG Resources, Inc.	1.34	-0.18	1.64	5.88	18.96	4.34	17.03	90	-0.66	-3.38	-6.49	-4547.87	-7884.85	150	1.83974

Top 3 correlating companies

See full charts for all peers

Research

Estimates

Ratings

Short Interest

Smart Money

Options

Financials

Social

Misc