Cenovus Energy (NYSE:CVE) Lowered to “Buy” at StockNews.com

Cenovus Energy (NYSE:CVEGet Free Report) (TSE:CVE) was downgraded by stock analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a report released on Friday.

A number of other analysts also recently issued reports on CVE. Morgan Stanley increased their price target on shares of Cenovus Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Raymond James raised shares of Cenovus Energy to a “moderate buy” rating in a research note on Tuesday, May 28th. Finally, UBS Group upgraded Cenovus Energy from a “neutral” rating to a “buy” rating in a research note on Friday, February 23rd. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Cenovus Energy currently has a consensus rating of “Buy” and an average target price of $29.00.

Read Our Latest Stock Report on CVE

Cenovus Energy Stock Performance

Shares of NYSE CVE traded down $0.18 during trading on Friday, reaching $18.25. 6,685,999 shares of the company traded hands, compared to its average volume of 10,035,213. Cenovus Energy has a 12-month low of $14.69 and a 12-month high of $21.90. The company has a current ratio of 1.70, a quick ratio of 1.01 and a debt-to-equity ratio of 0.25. The stock has a market cap of $33.90 billion, a P/E ratio of 10.14 and a beta of 2.06. The firm’s fifty day simple moving average is $20.44 and its 200 day simple moving average is $18.30.

Cenovus Energy (NYSE:CVEGet Free Report) (TSE:CVE) last announced its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.35 by $0.11. Cenovus Energy had a return on equity of 16.53% and a net margin of 8.73%. The company had revenue of $9.94 billion during the quarter, compared to analysts’ expectations of $9.98 billion. As a group, research analysts anticipate that Cenovus Energy will post 2.05 earnings per share for the current fiscal year.

Institutional Trading of Cenovus Energy

A number of hedge funds have recently bought and sold shares of CVE. Capital International Investors increased its stake in shares of Cenovus Energy by 216.3% in the 1st quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock worth $678,250,000 after acquiring an additional 23,202,018 shares during the last quarter. TD Asset Management Inc raised its stake in Cenovus Energy by 26.5% during the fourth quarter. TD Asset Management Inc now owns 42,191,779 shares of the oil and gas company’s stock worth $706,503,000 after purchasing an additional 8,841,374 shares during the period. Boston Partners boosted its holdings in Cenovus Energy by 29.0% in the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock valued at $750,435,000 after purchasing an additional 8,438,979 shares during the last quarter. Capital World Investors grew its stake in shares of Cenovus Energy by 5.4% in the 4th quarter. Capital World Investors now owns 150,534,829 shares of the oil and gas company’s stock valued at $2,508,185,000 after buying an additional 7,750,480 shares during the period. Finally, Balyasny Asset Management L.P. increased its holdings in shares of Cenovus Energy by 1,224.0% during the 4th quarter. Balyasny Asset Management L.P. now owns 4,097,451 shares of the oil and gas company’s stock worth $68,231,000 after buying an additional 3,787,979 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Company Profile

(Get Free Report)

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.

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