Cenovus Energy (NYSE:CVE) Stock Rating Lowered by Wall Street Zen

by · The Cerbat Gem

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) was downgraded by analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

CVE has been the subject of several other research reports. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a report on Thursday, July 30th. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Wednesday, September 2nd. Raymond James Financial reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Wednesday, September 16th. Desjardins raised Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Finally, Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, August 11th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Cenovus Energy presently has an average rating of “Buy” and an average target price of $39.00.

Check Out Our Latest Stock Report on Cenovus Energy

Cenovus Energy Trading Up 0.0%

Cenovus Energy stock opened at $32.40 on Friday. Cenovus Energy has a 1 year low of $15.63 and a 1 year high of $34.16. The firm’s 50 day moving average price is $31.34 and its 200-day moving average price is $28.63. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The stock has a market cap of $59.04 billion, a P/E ratio of 12.46 and a beta of 0.46.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last issued its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.11. The firm had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. Cenovus Energy’s revenue for the quarter was up 47.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.45 earnings per share. On average, equities analysts predict that Cenovus Energy will post 3.57 earnings per share for the current fiscal year.

Institutional Trading of Cenovus Energy

Several hedge funds have recently made changes to their positions in the business. Capital Research Global Investors grew its position in Cenovus Energy by 16.6% in the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after acquiring an additional 17,730,542 shares in the last quarter. The Manufacturers Life Insurance Company purchased a new stake in Cenovus Energy during the second quarter valued at approximately $423,886,000. GQG Partners LLC purchased a new stake in Cenovus Energy during the second quarter valued at approximately $411,552,000. Bank of America Corp DE bought a new stake in shares of Cenovus Energy in the 2nd quarter valued at approximately $369,701,000. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Cenovus Energy in the 2nd quarter valued at approximately $355,752,000. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Company Profile

(Get Free Report)

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids, with a significant focus on oil sands operations in Alberta. Its upstream activities include oil sands mining and in situ production, conventional oil and gas production, and the upgrading of heavy crude into synthetic crude oil.

Cenovus also operates in the downstream energy sector through crude oil refining, petroleum upgrading, marketing and distribution.

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