Cenovus Energy (NYSE:CVE) Rating Lowered to Buy at Wall Street Zen

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by equities researchers at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report released on Saturday, Wall Street Zen reports.

CVE has been the topic of several other reports. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Cenovus Energy in a research note on Thursday, August 27th. Gerdes Energy Research raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Wednesday, September 2nd. Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a research note on Wednesday, May 13th. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Finally, The Goldman Sachs Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, Cenovus Energy currently has an average rating of “Moderate Buy” and a consensus price target of $39.00.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at $32.40 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $59.69 billion, a PE ratio of 12.46 and a beta of 0.35. The business’s 50-day moving average price is $29.16 and its 200-day moving average price is $27.29. Cenovus Energy has a 12 month low of $15.63 and a 12 month high of $33.40.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting analysts’ consensus estimates of $1.11. The company had revenue of $14.59 billion for the quarter, compared to analysts’ expectations of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.Cenovus Energy’s revenue for the quarter was up 47.9% compared to the same quarter last year. During the same period last year, the firm posted $0.45 EPS. Sell-side analysts forecast that Cenovus Energy will post 3.2 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. Capital Research Global Investors raised its stake in shares of Cenovus Energy by 16.6% during the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock valued at $2,103,090,000 after acquiring an additional 17,730,542 shares during the last quarter. Capital International Investors grew its stake in shares of Cenovus Energy by 3.9% in the fourth quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock worth $862,505,000 after purchasing an additional 1,903,432 shares during the last quarter. FIL Ltd grew its stake in shares of Cenovus Energy by 40.0% in the fourth quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock worth $651,880,000 after purchasing an additional 11,019,212 shares during the last quarter. Bank of America Corp DE increased its holdings in Cenovus Energy by 111.2% during the 1st quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock valued at $604,107,000 after purchasing an additional 11,990,405 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Cenovus Energy by 5.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 18,018,995 shares of the oil and gas company’s stock valued at $304,894,000 after purchasing an additional 855,618 shares during the period. Institutional investors own 51.19% of the company’s stock.

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.