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

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

A number of other equities analysts have also issued reports on CVE. BMO Capital Markets reduced their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Price Performance

NYSE CVE opened at $15.71 on Tuesday. The company has a market cap of $28.69 billion, a price-to-earnings ratio of 10.80 and a beta of 2.05. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The stock’s fifty day moving average price is $16.69 and its 200 day moving average price is $18.27. Cenovus Energy has a 1 year low of $14.69 and a 1 year high of $21.90.

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 for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same period in the prior year, the company earned $0.72 earnings per share. The company’s revenue was down 17.9% on a year-over-year basis. As a group, equities research analysts forecast that Cenovus Energy will post 1.5 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVE. Boston Partners boosted its stake in shares of Cenovus Energy by 29.0% during the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after acquiring an additional 8,438,979 shares in the last quarter. Smead Capital Management Inc. raised its holdings in Cenovus Energy by 39.3% in the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock worth $257,831,000 after purchasing an additional 4,351,960 shares during the period. 1832 Asset Management L.P. boosted its position in Cenovus Energy by 81.1% during the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock worth $246,507,000 after purchasing an additional 5,613,320 shares in the last quarter. Mackenzie Financial Corp grew its holdings in Cenovus Energy by 5.3% in the second quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company’s stock valued at $219,897,000 after purchasing an additional 562,663 shares during the period. Finally, Ninepoint Partners LP grew its holdings in Cenovus Energy by 19.0% in the second quarter. Ninepoint Partners LP now owns 7,500,000 shares of the oil and gas company’s stock valued at $147,450,000 after purchasing an additional 1,200,000 shares during the period. Hedge funds and other institutional investors own 51.19% of the company’s stock.

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.