Cenovus Energy (NYSE:CVE) Rating Increased to Strong-Buy at Zacks Research

by · The Cerbat Gem

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Tuesday,Zacks.com reports.

A number of other equities research analysts also recently weighed in on CVE. National Bank Financial raised shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 22nd. National Bankshares reissued an “outperform” rating on shares of Cenovus Energy in a report on Wednesday, September 10th. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a report on Thursday, November 20th. Royal Bank Of Canada upped their target price on shares of Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, November 17th. Finally, Wall Street Zen upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Four analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy has a consensus rating of “Buy” and a consensus price target of $25.67.

Get Our Latest Report on CVE

Cenovus Energy Price Performance

NYSE:CVE opened at $16.98 on Tuesday. Cenovus Energy has a 52-week low of $10.23 and a 52-week high of $18.75. The stock has a fifty day moving average of $17.50 and a 200 day moving average of $16.10. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.18 and a current ratio of 1.73. The firm has a market capitalization of $32.09 billion, a price-to-earnings ratio of 13.91 and a beta of 0.52.

Cenovus Energy (NYSE:CVE – Get Free Report) (TSE:CVE) last announced its earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.12. The business had revenue of $10.87 billion for the quarter, compared to analyst estimates of $12.51 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 6.23%.The company’s quarterly revenue was down 7.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.42 EPS. On average, research analysts expect that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Cenovus Energy

Large investors have recently added to or reduced their stakes in the company. Allworth Financial LP increased its position in shares of Cenovus Energy by 32.2% in the third quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock valued at $51,000 after acquiring an additional 737 shares during the period. Swiss Life Asset Management Ltd grew its stake in shares of Cenovus Energy by 12.4% in the third quarter. Swiss Life Asset Management Ltd now owns 92,902 shares of the oil and gas company’s stock worth $1,580,000 after purchasing an additional 10,255 shares during the last quarter. Greenfield Seitz Capital Management LLC increased its holdings in Cenovus Energy by 4.4% during the 3rd quarter. Greenfield Seitz Capital Management LLC now owns 1,339,954 shares of the oil and gas company’s stock valued at $22,766,000 after purchasing an additional 56,507 shares during the period. Tweedy Browne Co LLC raised its position in Cenovus Energy by 112.0% during the 3rd quarter. Tweedy Browne Co LLC now owns 46,942 shares of the oil and gas company’s stock valued at $797,000 after purchasing an additional 24,798 shares during the last quarter. Finally, Advisory Services Network LLC bought a new stake in shares of Cenovus Energy in the 3rd quarter worth approximately $50,000. Institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

(Get Free Report)

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.

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