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

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

Several other equities analysts also recently issued reports on the stock. BMO Capital Markets dropped 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 note on Friday. TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Finally, Scotiabank cut 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. Two investment 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.com, Cenovus Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Trading Up 3.4 %

NYSE CVE opened at $16.21 on Tuesday. The company has a market cap of $29.65 billion, a price-to-earnings ratio of 11.18 and a beta of 2.05. Cenovus Energy has a twelve month low of $14.69 and a twelve month high of $21.90. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 0.25. The business’s fifty day moving average is $17.20 and its 200 day moving average is $18.85.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.08. The company 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 12.87% and a net margin of 6.72%. The business’s quarterly revenue was down 17.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.72 earnings per share. As a group, sell-side analysts expect that Cenovus Energy will post 1.67 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. First Trust Direct Indexing L.P. acquired a new stake in Cenovus Energy in the first quarter worth $215,000. Daiwa Securities Group Inc. bought a new stake in Cenovus Energy in the 1st quarter valued at about $356,000. Mediolanum International Funds Ltd acquired a new position in Cenovus Energy during the 1st quarter worth approximately $680,000. Signaturefd LLC boosted its holdings in Cenovus Energy by 13.2% in the first quarter. Signaturefd LLC now owns 44,901 shares of the oil and gas company’s stock worth $898,000 after acquiring an additional 5,233 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. acquired a new stake in Cenovus Energy in the first quarter valued at approximately $205,000. 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.