Cenovus Energy (NYSE:CVE) Rating Increased to Buy at StockNews.com

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

A number of other research analysts have also commented on the stock. TD Securities lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. BMO Capital Markets decreased their price objective on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. One equities research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Stock Up 2.3 %

NYSE CVE traded up $0.37 during trading hours on Monday, hitting $15.99. The company’s stock had a trading volume of 7,143,656 shares, compared to its average volume of 8,869,408. Cenovus Energy has a 52 week low of $14.69 and a 52 week high of $21.90. The company’s 50-day simple moving average is $16.74 and its two-hundred day simple moving average is $18.46. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $29.20 billion, a PE ratio of 11.02 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The company had revenue of $14.20 billion during the quarter, compared to analyst estimates of $10.25 billion. During the same quarter last year, the business posted $0.72 EPS. Cenovus Energy’s quarterly revenue was down 17.9% compared to the same quarter last year. Research analysts anticipate that Cenovus Energy will post 1.5 EPS for the current fiscal year.

Institutional Trading of Cenovus Energy

Large investors have recently added to or reduced their stakes in the company. SVB Wealth LLC grew its position in Cenovus Energy by 2.6% in the 1st quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock valued at $394,000 after acquiring an additional 507 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in Cenovus Energy by 8.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after acquiring an additional 643 shares during the period. Cetera Advisors LLC grew its holdings in Cenovus Energy by 5.2% in the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after purchasing an additional 801 shares during the period. Wahed Invest LLC boosted its stake in shares of Cenovus Energy by 5.6% in the third quarter. Wahed Invest LLC now owns 16,489 shares of the oil and gas company’s stock worth $276,000 after acquiring an additional 875 shares during the last quarter. Finally, Harmony Asset Management LLC lifted its position in Cenovus Energy by 8.1% during the third quarter. Harmony Asset Management LLC now owns 13,400 shares of the oil and gas company’s stock worth $224,000 after buying an additional 1,000 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Company Profile

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.