Cenovus Energy (NYSE:CVE) Rating Lowered to Hold at 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 to investors on Tuesday.

A number of other research firms have also weighed in on CVE. BMO Capital Markets lowered their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Stock Performance

Cenovus Energy stock opened at $15.71 on Tuesday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The company has a market capitalization of $28.69 billion, a PE ratio of 10.80 and a beta of 2.05. The company has a 50 day moving average price of $16.69 and a 200-day moving average price of $18.27. Cenovus Energy has a fifty-two week low of $14.69 and a fifty-two week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released 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. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The company had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. During the same period last year, the business posted $0.72 EPS. Cenovus Energy’s quarterly revenue was down 17.9% on a year-over-year basis. As a group, equities analysts forecast that Cenovus Energy will post 1.5 earnings per share for the current year.

Institutional Investors Weigh In On Cenovus Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Boston Partners increased its position in shares of Cenovus Energy by 29.0% during the first quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after purchasing an additional 8,438,979 shares in the last quarter. Smead Capital Management Inc. grew its stake in Cenovus Energy by 39.3% during 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 buying an additional 4,351,960 shares during the last quarter. 1832 Asset Management L.P. increased its position in Cenovus Energy by 81.1% during the 2nd quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock valued at $246,507,000 after buying an additional 5,613,320 shares in the last quarter. Mackenzie Financial Corp raised its stake 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 buying an additional 562,663 shares during the last quarter. Finally, Ninepoint Partners LP boosted 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 worth $147,450,000 after acquiring an additional 1,200,000 shares in the last quarter. 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.