Cenovus Energy (NYSE:CVE) Upgraded to “Strong-Buy” at StockNews.com

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a report issued on Friday.

CVE has been the topic of several other research reports. Raymond James upgraded shares of Cenovus Energy to a “moderate buy” rating in a report on Tuesday, May 28th. Morgan Stanley lifted their price objective on shares of Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Four investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $29.00.

Cenovus Energy Price Performance

CVE opened at $20.12 on Friday. The company’s 50 day simple moving average is $19.88 and its 200 day simple moving average is $18.56. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.01 and a current ratio of 1.70. Cenovus Energy has a 1 year low of $14.69 and a 1 year high of $21.90. The stock has a market capitalization of $37.41 billion, a PE ratio of 11.18 and a beta of 2.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, May 1st. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.11. Cenovus Energy had a net margin of 8.73% and a return on equity of 16.53%. The business had revenue of $9.94 billion for the quarter, compared to analysts’ expectations of $9.98 billion. As a group, sell-side analysts expect that Cenovus Energy will post 2.04 EPS for the current year.

Institutional Trading of Cenovus Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Financial Perspectives Inc acquired a new position in Cenovus Energy in the fourth quarter worth $28,000. Fifth Third Bancorp raised its position in Cenovus Energy by 80.3% in the first quarter. Fifth Third Bancorp now owns 1,453 shares of the oil and gas company’s stock worth $29,000 after acquiring an additional 647 shares in the last quarter. Banque Cantonale Vaudoise acquired a new stake in Cenovus Energy during the 1st quarter worth about $30,000. Headlands Technologies LLC purchased a new position in Cenovus Energy during the 4th quarter valued at about $33,000. Finally, Spire Wealth Management grew its stake in Cenovus Energy by 41.9% during the 4th quarter. Spire Wealth Management now owns 2,305 shares of the oil and gas company’s stock valued at $38,000 after acquiring an additional 681 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.