Cenovus Energy (NYSE:CVE) Raised to “Buy” at StockNews.com

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research report issued on Monday.

CVE has been the topic of several other research reports. BMO Capital Markets decreased their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. TD Securities lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Price Performance

Shares of CVE stock opened at $16.05 on Monday. Cenovus Energy has a 52 week low of $14.69 and a 52 week high of $21.90. The stock has a market capitalization of $29.31 billion, a PE ratio of 11.07 and a beta of 2.05. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The stock’s fifty day moving average is $16.73 and its 200-day moving average is $18.43.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.08. The business had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The firm’s quarterly revenue was down 17.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 EPS. Equities research analysts expect that Cenovus Energy will post 1.5 EPS for the current fiscal year.

Institutional Trading of Cenovus Energy

A number of hedge funds have recently modified their holdings of the company. Truvestments Capital LLC acquired a new stake in Cenovus Energy during the 3rd quarter worth $25,000. Blue Trust Inc. raised its position in shares of Cenovus Energy by 640.3% during the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after purchasing an additional 2,651 shares during the period. SevenBridge Financial Group LLC bought a new position in shares of Cenovus Energy during the 3rd quarter valued at about $162,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Cenovus Energy by 8.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after purchasing an additional 643 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in shares of Cenovus Energy in the 1st quarter valued at approximately $205,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

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.