Royal Bank of Canada Reaffirms Outperform Rating for Cenovus Energy (NYSE:CVE)

Cenovus Energy (NYSE:CVE) (TSE:CVE)‘s stock had its “outperform” rating reiterated by research analysts at Royal Bank of Canada in a research report issued on Monday,Benzinga reports. They presently have a $28.00 price objective on the oil and gas company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 77.78% from the company’s previous close.

A number of other brokerages have also recently issued reports on CVE. 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 price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Finally, StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, December 28th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $30.00.

Cenovus Energy Trading Up 2.7 %

NYSE:CVE traded up $0.41 during mid-day trading on Monday, hitting $15.75. 414,163 shares of the company’s stock were exchanged, compared to its average volume of 4,663,945. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. Cenovus Energy has a fifty-two week low of $14.20 and a fifty-two week high of $21.90. The company has a 50 day simple moving average of $15.53 and a 200-day simple moving average of $17.37. The firm has a market capitalization of $28.75 billion, a P/E ratio of 10.86 and a beta of 2.01.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm had revenue of $14.20 billion during the quarter, compared to analysts’ expectations of $10.25 billion. During the same quarter last year, the firm posted $0.72 earnings per share. The company’s revenue for the quarter was down 17.9% compared to the same quarter last year. As a group, research analysts expect that Cenovus Energy will post 1.48 earnings per share for the current year.

Institutional Trading of Cenovus Energy

Hedge funds have recently bought and sold shares of the business. Smead Capital Management Inc. boosted its holdings in shares of 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 worth $257,831,000 after buying an additional 4,351,960 shares during the last quarter. HITE Hedge Asset Management LLC purchased a new position in Cenovus Energy in the third quarter valued at approximately $11,569,000. Entropy Technologies LP bought a new position in Cenovus Energy during the third quarter valued at $3,472,000. Two Sigma Advisers LP increased its position in Cenovus Energy by 44.1% in the third quarter. Two Sigma Advisers LP now owns 1,284,600 shares of the oil and gas company’s stock worth $21,491,000 after buying an additional 393,100 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Cenovus Energy by 11.2% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,653,192 shares of the oil and gas company’s stock valued at $61,163,000 after buying an additional 369,021 shares during the period. 51.19% of the stock is currently owned by institutional investors.

About Cenovus Energy

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.