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

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

A number of other equities research analysts have also recently issued reports on the stock. BMO Capital Markets cut their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note 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. Based on data from MarketBeat, Cenovus Energy currently has an average rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Price Performance

CVE stock opened at $15.51 on Thursday. Cenovus Energy has a one year low of $14.69 and a one year high of $21.90. The stock has a market cap of $28.32 billion, a PE ratio of 10.69 and a beta of 2.02. The firm has a 50 day simple moving average of $16.56 and a two-hundred day simple moving average of $18.11. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The company had revenue of $14.20 billion during the quarter, compared to analysts’ expectations of $10.25 billion. During the same quarter in the prior year, the company earned $0.72 EPS. The firm’s revenue was down 17.9% on a year-over-year basis. On average, analysts predict that Cenovus Energy will post 1.48 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in CVE. Truvestments Capital LLC bought a new position in Cenovus Energy in the 3rd quarter worth $25,000. Blue Trust Inc. grew its position in shares of Cenovus Energy by 640.3% in the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after buying an additional 2,651 shares during the period. SevenBridge Financial Group LLC purchased a new stake in shares of Cenovus Energy in the 3rd quarter worth about $162,000. Northwestern Mutual Wealth Management Co. grew its position in shares of Cenovus Energy by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after buying an additional 643 shares during the period. Finally, Everpar Advisors LLC purchased a new stake in shares of Cenovus Energy in the 2nd quarter worth about $211,000. 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.