Cenovus Energy (NYSE:CVE) Price Target Lowered to $31.00 at BMO Capital Markets

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its price objective dropped by equities research analysts at BMO Capital Markets from $33.00 to $31.00 in a research report issued on Friday, Benzinga reports. The brokerage currently has an “outperform” rating on the oil and gas company’s stock. BMO Capital Markets’ price objective would suggest a potential upside of 71.27% from the stock’s previous close.

A number of other analysts also recently weighed in on CVE. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Scotiabank reduced their price objective on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. Finally, StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, Cenovus Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Cenovus Energy Price Performance

Shares of CVE stock traded up $0.26 during trading hours on Friday, hitting $18.10. The stock had a trading volume of 3,972,974 shares, compared to its average volume of 8,993,257. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.00. The stock has a market capitalization of $33.65 billion, a price-to-earnings ratio of 10.03 and a beta of 2.05. Cenovus Energy has a one year low of $14.69 and a one year high of $21.90. The stock’s 50-day moving average price is $17.99 and its two-hundred day moving average price is $19.35.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). The firm had revenue of $10.88 billion during the quarter, compared to the consensus estimate of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. Equities analysts forecast that Cenovus Energy will post 1.84 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Banque Cantonale Vaudoise purchased a new stake in shares of Cenovus Energy during the 1st quarter worth $30,000. Wolff Wiese Magana LLC boosted its stake in Cenovus Energy by 71.4% in the 1st quarter. Wolff Wiese Magana LLC now owns 2,400 shares of the oil and gas company’s stock worth $48,000 after purchasing an additional 1,000 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its position in shares of Cenovus Energy by 124.2% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 2,558 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 1,417 shares during the period. American National Bank acquired a new stake in shares of Cenovus Energy during the first quarter worth about $52,000. Finally, Benjamin F. Edwards & Company Inc. boosted its holdings in shares of Cenovus Energy by 42.1% in the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 4,827 shares of the oil and gas company’s stock valued at $96,000 after acquiring an additional 1,429 shares during the last quarter. 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.