Cenovus Energy Inc. ( CVE ) saw a big move last session, as the company's shares fell by over 5% on the day. The move came on pretty good volume too with far more shares changing hands than in a normal session. This breaks the recent trend of the company, as the stock is now trading below the volatile price range of $18.03 to $20.66 in the past one-month time frame.
On Feb 17, the company announced plans to raise C$1.5 billion through sale of its common shares. Cenvous plans to sell 67.5 million of its shares at $22.25 per share.
This slump shouldn't be too much of a surprise to investors, as the integrated oil company has seen 4 negative revisions in the past few weeks and its current year earnings consensus has moved lower over the last 30 days. This suggests there may be more trouble down the road. So make sure to keep an eye on this stock going forward to see if this recent slump will continue, as the earnings picture definitely suggests that this might be the case.
CVE currently has a Zacks Rank #5 (Strong Sell).
A better-ranked stock in the same sector is InterOil Corporation ( IOC ), holding a Zacks Rank #1 (Strong Buy).