Cenovus Energy (NYSE:CVE) Downgraded by StockNews.com to “Hold”

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Tuesday.

Several other equities analysts have also weighed in on the company. Scotiabank cut their target price on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. BMO Capital Markets dropped their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday. Finally, TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Trading Up 3.4 %

NYSE:CVE opened at $16.21 on Tuesday. Cenovus Energy has a 1-year low of $14.69 and a 1-year high of $21.90. The business’s 50-day moving average price is $17.20 and its two-hundred day moving average price is $18.85. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $29.65 billion, a price-to-earnings ratio of 11.18 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.87% and a net margin of 6.72%. The firm had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same quarter in the prior year, the firm posted $0.72 earnings per share. The company’s quarterly revenue was down 17.9% on a year-over-year basis. On average, equities analysts expect that Cenovus Energy will post 1.67 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Atria Investments Inc grew its holdings in shares of Cenovus Energy by 18.8% during the third quarter. Atria Investments Inc now owns 134,376 shares of the oil and gas company’s stock worth $2,248,000 after buying an additional 21,311 shares in the last quarter. Assetmark Inc. grew its stake in Cenovus Energy by 12.3% in the third quarter. Assetmark Inc. now owns 135,362 shares of the oil and gas company’s stock valued at $2,265,000 after purchasing an additional 14,814 shares in the last quarter. Washington Trust Bank bought a new position in Cenovus Energy in the third quarter valued at approximately $214,000. Olympiad Research LP bought a new position in Cenovus Energy in the third quarter valued at approximately $380,000. Finally, Intact Investment Management Inc. grew its stake in Cenovus Energy by 8.4% in the third quarter. Intact Investment Management Inc. now owns 2,386,398 shares of the oil and gas company’s stock valued at $39,916,000 after purchasing an additional 185,507 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Company Profile

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.