Royal Bank of Canada Issues Pessimistic Forecast for Cenovus Energy (NYSE:CVE) Stock Price

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its target price reduced by stock analysts at Royal Bank of Canada from $26.00 to $25.00 in a report released on Friday,Benzinga reports. The firm currently has an “outperform” rating on the oil and gas company’s stock. Royal Bank of Canada’s target price would suggest a potential upside of 71.17% from the company’s previous close.

Several other research analysts also recently commented on CVE. BMO Capital Markets reduced their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a report on Friday, November 1st. StockNews.com downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. Finally, National Bank Financial downgraded Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Friday. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $29.25.

Cenovus Energy Trading Down 4.5 %

Shares of NYSE CVE opened at $14.61 on Friday. 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 business’s 50 day moving average price is $14.99 and its 200-day moving average price is $16.29. Cenovus Energy has a fifty-two week low of $13.76 and a fifty-two week high of $21.90. The company has a market cap of $26.64 billion, a price-to-earnings ratio of 12.07 and a beta of 1.99.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.27). Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $11.08 billion. On average, sell-side analysts expect that Cenovus Energy will post 1.49 earnings per share for the current year.

Institutional Trading of Cenovus Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVE. Truvestments Capital LLC purchased a new stake in Cenovus Energy during the 3rd quarter worth approximately $25,000. Farther Finance Advisors LLC increased its stake in Cenovus Energy by 104.9% during the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after buying an additional 851 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Cenovus Energy by 640.3% during the 3rd 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 last quarter. Sierra Ocean LLC acquired a new position in shares of Cenovus Energy during the 4th quarter worth approximately $67,000. Finally, Natixis acquired a new position in shares of Cenovus Energy during the 4th quarter worth approximately $98,000. Institutional investors and hedge funds 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.