Cenovus Energy (NYSE:CVE) Rating Lowered to Hold at StockNews.com

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by equities research analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.

Separately, Scotiabank decreased their target price on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and a consensus target price of $30.67.

Cenovus Energy Stock Up 0.5 %

Shares of NYSE:CVE traded up $0.09 during trading on Monday, hitting $16.73. 7,019,903 shares of the company were exchanged, compared to its average volume of 9,025,791. The stock has a market cap of $31.11 billion, a price-to-earnings ratio of 9.29 and a beta of 2.05. Cenovus Energy has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The firm has a fifty day moving average price of $18.12 and a two-hundred day moving average price of $19.39. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share for the quarter, missing the consensus estimate of $0.52 by ($0.13). The company had revenue of $10.88 billion for the quarter, compared to analyst estimates of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. As a group, research analysts anticipate that Cenovus Energy will post 1.84 earnings per share for the current fiscal year.

Institutional Trading of Cenovus Energy

A number of institutional investors have recently modified their holdings of the stock. Atria Investments Inc acquired a new position in shares of Cenovus Energy during the 1st quarter worth $1,482,000. Manning & Napier Advisors LLC acquired a new stake in shares of Cenovus Energy in the second quarter valued at about $2,946,000. International Assets Investment Management LLC increased its stake in shares of Cenovus Energy by 39.9% in the first quarter. International Assets Investment Management LLC now owns 35,767 shares of the oil and gas company’s stock valued at $719,000 after buying an additional 10,200 shares during the period. M&G Plc increased its stake in shares of Cenovus Energy by 2.4% in the second quarter. M&G Plc now owns 3,496,370 shares of the oil and gas company’s stock valued at $69,013,000 after buying an additional 82,840 shares during the period. Finally, Bornite Capital Management LP increased its stake in shares of Cenovus Energy by 47.6% in the fourth quarter. Bornite Capital Management LP now owns 3,025,100 shares of the oil and gas company’s stock valued at $50,368,000 after buying an additional 975,100 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.