Cenovus Energy (NYSE:CVE) Cut to Hold at Wall Street Zen

Wall Street Zen cut shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a research note released on Saturday.

CVE has been the topic of a number of other research reports. Zacks Research downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 22nd. Royal Bank Of Canada lifted their price target on Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. Scotiabank downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research report on Thursday, November 20th. Finally, The Goldman Sachs Group reissued a “buy” rating and issued a $22.00 price target on shares of Cenovus Energy in a report on Monday, February 2nd. Two equities research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, Cenovus Energy has a consensus rating of “Moderate Buy” and an average price target of $27.67.

Cenovus Energy Stock Performance

NYSE CVE opened at $21.03 on Friday. The company has a fifty day moving average price of $17.92 and a 200-day moving average price of $17.15. The firm has a market cap of $39.61 billion, a price-to-earnings ratio of 17.24 and a beta of 0.48. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.73 and a quick ratio of 1.18. Cenovus Energy has a 1 year low of $10.23 and a 1 year high of $21.07.

Institutional Investors Weigh In On Cenovus Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Financial Management Professionals Inc. bought a new position in Cenovus Energy during the fourth quarter worth about $25,000. Atlantic Union Bankshares Corp purchased a new stake in shares of Cenovus Energy during the 2nd quarter valued at approximately $27,000. NBC Securities Inc. boosted its holdings in Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after buying an additional 1,500 shares during the period. Allworth Financial LP boosted its holdings in Cenovus Energy by 104.3% in the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after buying an additional 1,168 shares during the period. Finally, Geneos Wealth Management Inc. grew its stake in Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after buying an additional 1,384 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

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.