Cenovus Energy (TSE:CVE) Stock Rating Lowered by UBS Group

Cenovus Energy (TSE:CVE) (NYSE:CVE) was downgraded by stock analysts at UBS Group from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday, Zacks reports.

Other equities analysts also recently issued research reports about the stock. National Bank Financial set a C$60.00 target price on shares of Cenovus Energy and gave the stock an “outperform” rating in a research note on Tuesday, August 25th. Royal Bank Of Canada upped their price target on shares of Cenovus Energy from C$47.00 to C$51.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Scotiabank raised their price objective on shares of Cenovus Energy from C$49.00 to C$51.00 and gave the stock a “sector outperform” rating in a report on Thursday, July 30th. Raymond James Financial lifted their price objective on shares of Cenovus Energy from C$41.00 to C$46.00 and gave the company an “outperform” rating in a research note on Thursday, July 30th. Finally, Desjardins set a C$50.00 target price on shares of Cenovus Energy and gave the company a “buy” rating in a report on Friday, July 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of C$44.44.

Cenovus Energy Stock Down 1.5%

CVE stock opened at C$45.38 on Wednesday. The company has a debt-to-equity ratio of 34.01, a quick ratio of 1.00 and a current ratio of 1.63. The company has a market capitalization of C$83.69 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 0.09 and a beta of 0.16. Cenovus Energy has a fifty-two week low of C$21.62 and a fifty-two week high of C$46.13. The stock has a fifty day moving average of C$40.44 and a 200-day moving average of C$37.64.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Wednesday, July 29th. The company reported C$1.53 earnings per share (EPS) for the quarter. The business had revenue of C$17.43 billion for the quarter. Cenovus Energy had a return on equity of 21.02% and a net margin of 12.37%. As a group, equities research analysts predict that Cenovus Energy will post 2.2619279 earnings per share for the current year.

Insider Activity

In related news, insider John F. Soini sold 26,223 shares of the business’s stock in a transaction that occurred on Friday, August 21st. The shares were sold at an average price of C$44.92, for a total transaction of C$1,177,937.16. Following the completion of the transaction, the insider owned 2,114 shares of the company’s stock, valued at approximately C$94,960.88. The trade was a 92.54% decrease in their ownership of the stock. Also, insider Jonathan Michael Mckenzie sold 104,974 shares of the company’s stock in a transaction that occurred on Friday, August 14th. The stock was sold at an average price of C$43.49, for a total transaction of C$4,565,319.26. Following the sale, the insider directly owned 843,824 shares in the company, valued at C$36,697,905.76. This trade represents a 11.06% decrease in their position. Over the last ninety days, insiders sold 601,524 shares of company stock worth $25,546,211. 32.03% of the stock is owned by company insiders.

About Cenovus Energy

Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.