Cenovus Energy (NYSE:CVE) Given New $47.00 Price Target at Royal Bank Of Canada

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its target price boosted by Royal Bank Of Canada from $45.00 to $47.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “outperform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s price target indicates a potential upside of 49.82% from the company’s current price.

CVE has been the subject of a number of other research reports. Weiss Ratings upgraded Cenovus Energy from a “hold (c)” rating to a “hold (c+)” rating in a research note on Friday, May 8th. Scotiabank reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, May 7th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Cenovus Energy in a research report on Tuesday, January 20th. TD Securities reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Friday, February 20th. Finally, Lake Street Capital set a $36.00 price target on Cenovus Energy in a report on Wednesday, May 13th. Two analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $35.25.

Cenovus Energy Stock Down 0.6%

Shares of Cenovus Energy stock traded down $0.20 during trading hours on Tuesday, hitting $31.37. The company had a trading volume of 596,896 shares, compared to its average volume of 13,219,737. The company’s 50-day moving average is $26.38 and its two-hundred day moving average is $21.39. Cenovus Energy has a twelve month low of $12.88 and a twelve month high of $31.79. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. The company has a market cap of $58.82 billion, a P/E ratio of 17.28 and a beta of 0.37.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. During the same period last year, the business earned $0.47 EPS. Cenovus Energy’s revenue for the quarter was up 1.0% compared to the same quarter last year. Analysts anticipate that Cenovus Energy will post 3.01 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently bought and sold shares of CVE. Jones Financial Companies Lllp boosted its position in shares of Cenovus Energy by 574.8% in the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock worth $301,000 after buying an additional 18,405 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in Cenovus Energy by 6.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock worth $10,397,000 after acquiring an additional 44,125 shares during the last quarter. Prudential Financial Inc. acquired a new position in Cenovus Energy during the second quarter worth about $525,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Cenovus Energy by 57.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 1,800 shares in the last quarter. Finally, Marshall Wace LLP acquired a new stake in shares of Cenovus Energy in the second quarter valued at approximately $495,000. 51.19% of the stock is owned by institutional investors and hedge funds.

About Cenovus Energy

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.