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

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by equities research analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a note issued to investors on Thursday.

Other equities analysts have also recently issued reports about the stock. Raymond James raised shares of Cenovus Energy to a “moderate buy” rating in a report on Tuesday, May 28th. Morgan Stanley upped their target price on shares of Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a report on Thursday, March 28th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $29.00.

Cenovus Energy Stock Performance

NYSE CVE opened at $19.35 on Thursday. The company has a fifty day moving average of $20.02 and a two-hundred day moving average of $18.42. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.70 and a quick ratio of 1.01. Cenovus Energy has a 1 year low of $14.69 and a 1 year high of $21.90. The company has a market capitalization of $35.97 billion, a PE ratio of 10.75 and a beta of 2.06.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Wednesday, May 1st. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.11. The firm had revenue of $9.94 billion during the quarter, compared to analysts’ expectations of $9.98 billion. Cenovus Energy had a return on equity of 16.53% and a net margin of 8.73%. As a group, analysts expect that Cenovus Energy will post 2.04 earnings per share for the current year.

Hedge Funds Weigh In On Cenovus Energy

Several institutional investors have recently bought and sold shares of the company. SVB Wealth LLC boosted its holdings in shares of Cenovus Energy by 2.6% in the first 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 in the last quarter. Lindbrook Capital LLC boosted its holdings in Cenovus Energy by 17.6% in the 1st quarter. Lindbrook Capital LLC now owns 4,240 shares of the oil and gas company’s stock valued at $85,000 after purchasing an additional 636 shares in the last quarter. Fifth Third Bancorp increased its position in Cenovus Energy by 80.3% during the 1st quarter. Fifth Third Bancorp now owns 1,453 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 647 shares during the period. Spire Wealth Management lifted its holdings in shares of Cenovus Energy by 41.9% in the 4th quarter. Spire Wealth Management now owns 2,305 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 681 shares during the period. Finally, Stratos Wealth Partners LTD. boosted its stake in shares of Cenovus Energy by 0.5% in the fourth quarter. Stratos Wealth Partners LTD. now owns 156,345 shares of the oil and gas company’s stock valued at $2,603,000 after buying an additional 774 shares in the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

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.