Watch for Continued Gains in Shares of Cenovus Energy Inc. (CVE)

Cenovus Energy Inc. (NYSE:CVE) traded today at a new 12-month high of $21.25. This new high was reached on below average trading volume as 2 million shares traded hands, while the average 30-day volume is approximately 12.3 million shares.

Based on a current price of $21.14, Cenovus Energy Inc. is currently 72.6% above its average consensus analyst price target of $5.80.

Cenovus Energy 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 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.

Over the past year, Cenovus Energy Inc. has traded in a range of $7.20 to $21.25 and is now at $21.14, 194% above that low.

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