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

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

Several other equities research analysts also recently weighed in on the company. TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. 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. 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 company currently has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Price Performance

Shares of CVE opened at $14.64 on Friday. 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 has a 1-year low of $14.20 and a 1-year high of $21.90. The stock has a market cap of $26.72 billion, a PE ratio of 10.10 and a beta of 2.02. The firm has a fifty day moving average price of $15.70 and a 200 day moving average price of $17.51.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.08. The business 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 revenue was down 17.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.72 earnings per share. As a group, sell-side analysts anticipate that Cenovus Energy will post 1.48 EPS for the current year.

Institutional Investors Weigh In On Cenovus Energy

Several hedge funds have recently modified their holdings of CVE. Smead Capital Management Inc. increased its stake 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 valued at $257,831,000 after buying an additional 4,351,960 shares during the period. 1832 Asset Management L.P. boosted its holdings in shares of Cenovus Energy by 81.1% in the second 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 acquiring an additional 5,613,320 shares in the last quarter. Mackenzie Financial Corp increased its stake in shares of Cenovus Energy by 5.3% during the second quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company’s stock worth $219,897,000 after acquiring an additional 562,663 shares during the period. Ninepoint Partners LP increased its stake in shares of Cenovus Energy by 19.0% during 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 during the period. Finally, Geode Capital Management LLC raised its holdings in Cenovus Energy by 9.7% during the third quarter. Geode Capital Management LLC now owns 6,413,919 shares of the oil and gas company’s stock worth $109,232,000 after purchasing an additional 568,732 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.