Cenovus Energy (NYSE:CVE) Upgraded at StockNews.com

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

A number of other analysts have also issued reports on the company. TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. BMO Capital Markets dropped their target price on shares of Cenovus Energy from $33.00 to $31.00 and set an “outperform” rating on the stock in a research report on Friday, October 4th. Finally, Scotiabank cut their target price on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a research note on Friday, July 12th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.75.

Cenovus Energy Price Performance

NYSE CVE opened at $16.48 on Monday. Cenovus Energy has a 1 year low of $14.69 and a 1 year high of $21.90. The company has a fifty day simple moving average of $17.37 and a 200 day simple moving average of $18.95. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25. The company has a market cap of $30.15 billion, a P/E ratio of 8.86 and a beta of 2.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results 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 for the quarter, compared to the consensus estimate of $9.78 billion. Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. On average, sell-side analysts predict that Cenovus Energy will post 1.84 EPS for the current year.

Hedge Funds Weigh In On Cenovus Energy

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. increased its stake in Cenovus Energy by 640.3% in the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 2,651 shares during the period. Northwestern Mutual Wealth Management Co. grew its stake in shares of Cenovus Energy by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock valued at $170,000 after purchasing an additional 643 shares during the period. Envestnet Portfolio Solutions Inc. acquired a new position in shares of Cenovus Energy in the 1st quarter worth approximately $205,000. Everpar Advisors LLC bought a new position in shares of Cenovus Energy during the 2nd quarter worth approximately $211,000. Finally, FCG Investment Co acquired a new stake in Cenovus Energy in the 3rd quarter valued at $211,000. 51.19% of the stock is 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.