StockNews.com Downgrades Cenovus Energy (NYSE:CVE) 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 report issued on Tuesday.

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

Cenovus Energy Price Performance

Cenovus Energy stock opened at $16.17 on Tuesday. The stock has a market cap of $29.58 billion, a price-to-earnings ratio of 11.15 and a beta of 2.05. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The business has a 50-day simple moving average of $17.09 and a 200 day simple moving average of $18.79. Cenovus Energy has a 52 week low of $14.69 and a 52 week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.34 by $0.08. The company had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. Cenovus Energy’s revenue was down 17.9% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.72 earnings per share. On average, research analysts forecast that Cenovus Energy will post 1.63 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. SVB Wealth LLC lifted its stake in shares of Cenovus Energy by 2.6% in the 1st quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock valued at $394,000 after acquiring an additional 507 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in 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 purchasing an additional 643 shares during the period. Cetera Advisors LLC lifted its position in Cenovus Energy by 5.2% in the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after purchasing an additional 801 shares during the last quarter. First Hawaiian Bank boosted its stake in shares of Cenovus Energy by 1.6% during the second quarter. First Hawaiian Bank now owns 69,273 shares of the oil and gas company’s stock valued at $1,362,000 after purchasing an additional 1,071 shares during the period. Finally, Envestnet Portfolio Solutions Inc. boosted its stake in shares of Cenovus Energy by 12.0% during the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,496 shares of the oil and gas company’s stock valued at $226,000 after purchasing an additional 1,229 shares during the period. 51.19% of the stock is 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.