Cenovus Energy (NYSE:CVE) Upgraded by StockNews.com to Buy Rating

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

Other research analysts also recently issued research reports about the stock. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. BMO Capital Markets lowered their target price 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. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Stock Performance

CVE opened at $16.05 on Monday. The company has a market capitalization of $29.31 billion, a price-to-earnings ratio of 11.07 and a beta of 2.05. The business’s 50-day moving average price is $16.73 and its two-hundred day moving average price is $18.43. Cenovus Energy has a 1 year low of $14.69 and a 1 year high of $21.90. 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 released its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating the consensus estimate of $0.34 by $0.08. The firm had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.72 EPS. Equities analysts expect that Cenovus Energy will post 1.5 EPS for the current fiscal year.

Hedge Funds Weigh In On Cenovus Energy

Hedge funds and other institutional investors have recently bought and sold shares of the business. Truvestments Capital LLC bought a new stake in Cenovus Energy in the third quarter valued at approximately $25,000. Blue Trust Inc. raised its stake in 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 valued at $51,000 after acquiring an additional 2,651 shares during the period. Northwestern Mutual Wealth Management Co. lifted its holdings in 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 during the last quarter. SevenBridge Financial Group LLC bought a new position in Cenovus Energy during the third quarter worth $162,000. Finally, Envestnet Portfolio Solutions Inc. acquired a new position in shares of Cenovus Energy in the first quarter valued at $205,000. 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.