Cenovus Energy (NYSE:CVE) Reaches New 1-Year High – Here’s Why

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s share price reached a new 52-week high on Thursday . The stock traded as high as $22.11 and last traded at $22.0190, with a volume of 15435019 shares trading hands. The stock had previously closed at $21.22.

Wall Street Analyst Weigh In

A number of research analysts recently commented on CVE shares. Royal Bank Of Canada upped their price objective on Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, November 17th. Scotiabank cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. TD Securities reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, December 3rd. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Cenovus Energy in a research report on Tuesday, January 20th. Finally, Zacks Research cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 22nd. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat.com, Cenovus Energy currently has a consensus rating of “Moderate Buy” and an average price target of $27.67.

Cenovus Energy Price Performance

The company has a quick ratio of 1.18, a current ratio of 1.73 and a debt-to-equity ratio of 0.25. The firm has a market cap of $41.47 billion, a price-to-earnings ratio of 18.05 and a beta of 0.48. The company’s 50-day moving average price is $18.07 and its 200-day moving average price is $17.23.

Institutional Trading of Cenovus Energy

Hedge funds have recently modified their holdings of the stock. Nuveen LLC grew its stake in Cenovus Energy by 3.1% during the 4th quarter. Nuveen LLC now owns 1,477,574 shares of the oil and gas company’s stock worth $25,030,000 after purchasing an additional 44,330 shares in the last quarter. Aegis Financial Corp boosted its stake in shares of Cenovus Energy by 275.2% in the 4th quarter. Aegis Financial Corp now owns 3,454,121 shares of the oil and gas company’s stock valued at $58,444,000 after buying an additional 2,533,621 shares during the period. Picton Mahoney Asset Management grew its position in shares of Cenovus Energy by 6.8% during the fourth quarter. Picton Mahoney Asset Management now owns 6,824,438 shares of the oil and gas company’s stock worth $115,615,000 after buying an additional 434,735 shares in the last quarter. Cerity Partners LLC increased its stake in shares of Cenovus Energy by 28.8% during the fourth quarter. Cerity Partners LLC now owns 66,763 shares of the oil and gas company’s stock worth $1,130,000 after buying an additional 14,924 shares during the period. Finally, LPL Financial LLC increased its stake in shares of Cenovus Energy by 19.1% during the fourth quarter. LPL Financial LLC now owns 333,651 shares of the oil and gas company’s stock worth $5,645,000 after buying an additional 53,557 shares during the period. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.