Why This 1 Momentum Stock Could Be a Great Addition to Your Portfolio
It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors.
While you may have an investing style you rely on, finding great stocks is made easier with the Zacks Style Scores. These are complementary indicators that rate stocks based on value, growth, and/or momentum characteristics.
Is This 1 Momentum Stock a Screaming Buy Right Now?
Different than value or growth investors, momentum-oriented investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
Cenovus Energy (CVE)
Calgary, Canada-based Cenovus Energy Inc. is a leading integrated energy firm. Starting from pumping out oil from its oil sands projects in Canada, the company’s operations comprise marketing the produced oil, natural gas and natural gas liquids (NGLs). Cenovus’ entire operation of oil and gas production is concentrated in Canada, within the provinces of Alberta and British Columbia. The company supplies oil to the Gulf Coast of the United States through the Enbridge Flanagan South pipeline.
CVE sits at a Zacks Rank #3 (Hold), holds a Momentum Style Score of A, and has a VGM Score of A. The stock is up 3.4% and up 1.5% over the past one-week and four-week period, respectively, and Cenovus Energy has gained 29.2% in the last one-year period as well. Additionally, an average of 5,561,426 shares were traded over the last 20 trading sessions.
Momentum investors also pay close attention to a company's earnings. For CVE, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.32 to $2.05 per share for 2024. CVE boasts an average earnings surprise of 16.2%.
CVE should be on investors' short list because of its impressive earnings fundamentals, a good Zacks Rank, and strong Momentum and VGM Style Scores.
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Cenovus Energy Inc (CVE) : Free Stock Analysis Report
