Cenovus Energy Inc (CVE) Upgraded at Zacks Investment Research
Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Thursday. The brokerage presently has a $11.00 target price on the oil and gas company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 9.89% from the stock’s current price.
According to Zacks, “Cenovus Energy is an integrated oil company headquartered in Calgary, Alberta. The Company’s operations include their growing enhanced oil projects and established natural gas and crude oil production in Alberta and Saskatchewan. The Company has four top-quality enhanced oil projects: Foster Creek, Christina Lake, Pelican Lake and Weyburn. Foster Creek, Christina Lake and Pelican Lake are located in northeast Alberta, and Weyburn is in Saskatchewan. The Company also has ownership interest in two high-quality refineries in Illinois and Texas. Cenovus Energy’s ongoing objective is to advance technologies that reduce the amount of water, steam, natural gas and electricity used in their operations and to decrease surface land disturbance. “
Other analysts have also recently issued research reports about the stock. Canaccord Genuity upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Wednesday, June 21st. Morgan Stanley set a $15.00 target price on shares of Cenovus Energy and gave the stock a “buy” rating in a research note on Friday, October 13th. Royal Bank Of Canada reiterated a “buy” rating and issued a $15.00 price objective on shares of Cenovus Energy in a research note on Monday. ValuEngine upgraded shares of Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Finally, Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and issued a $8.00 price objective on shares of Cenovus Energy in a research note on Thursday, June 22nd. Four research analysts have rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $16.06.
Cenovus Energy (NYSE CVE) traded up 2.25% on Thursday, reaching $10.01. 6,628,305 shares of the company’s stock were exchanged. Cenovus Energy has a 1-year low of $6.76 and a 1-year high of $16.82. The firm has a 50-day moving average price of $9.35 and a 200-day moving average price of $8.82. The company has a market capitalization of $12.30 billion, a P/E ratio of 4.09 and a beta of 0.60.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, July 27th. The oil and gas company reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.24. Cenovus Energy had a net margin of 17.89% and a return on equity of 3.20%. The company had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3.40 billion. During the same quarter last year, the business earned ($0.05) EPS. Equities research analysts expect that Cenovus Energy will post $0.51 earnings per share for the current year.
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A number of large investors have recently bought and sold shares of the business. FMR LLC increased its holdings in Cenovus Energy by 23.7% during the 2nd quarter. FMR LLC now owns 54,026,588 shares of the oil and gas company’s stock valued at $398,284,000 after acquiring an additional 10,341,993 shares in the last quarter. TD Asset Management Inc. increased its holdings in Cenovus Energy by 5.3% during the 2nd quarter. TD Asset Management Inc. now owns 43,148,765 shares of the oil and gas company’s stock valued at $317,627,000 after acquiring an additional 2,169,650 shares in the last quarter. First Eagle Investment Management LLC increased its holdings in Cenovus Energy by 1.4% during the 2nd quarter. First Eagle Investment Management LLC now owns 32,113,640 shares of the oil and gas company’s stock valued at $236,678,000 after acquiring an additional 437,897 shares in the last quarter. Letko Brosseau & Associates Inc. increased its holdings in Cenovus Energy by 37.1% during the 2nd quarter. Letko Brosseau & Associates Inc. now owns 27,158,632 shares of the oil and gas company’s stock valued at $199,920,000 after acquiring an additional 7,354,590 shares in the last quarter. Finally, Burgundy Asset Management Ltd. increased its holdings in Cenovus Energy by 49.0% during the 2nd quarter. Burgundy Asset Management Ltd. now owns 25,289,102 shares of the oil and gas company’s stock valued at $186,301,000 after acquiring an additional 8,322,165 shares in the last quarter. Hedge funds and other institutional investors own 56.17% of the company’s stock.
About Cenovus Energy
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