Cenovus Energy (NYSE:CVE) Raised to Strong-Buy at Zacks Research

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

A number of other equities analysts also recently issued reports on the company. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research note on Monday, August 25th. National Bankshares reaffirmed an “outperform” rating on shares of Cenovus Energy in a research report on Wednesday, September 10th. Royal Bank Of Canada increased their price target on Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, November 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cenovus Energy in a report on Thursday, October 30th. Finally, Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a report on Thursday, November 20th. Four research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $25.67.

Cenovus Energy Stock Performance

CVE opened at $16.98 on Tuesday. The company has a current ratio of 1.73, a quick ratio of 1.18 and a debt-to-equity ratio of 0.25. The company’s fifty day moving average price is $17.50 and its two-hundred day moving average price is $16.10. Cenovus Energy has a 1-year low of $10.23 and a 1-year high of $18.75. The company has a market cap of $32.09 billion, a price-to-earnings ratio of 13.91 and a beta of 0.52.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Friday, October 31st. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. The firm had revenue of $10.87 billion during the quarter, compared to analysts’ expectations of $12.51 billion. Cenovus Energy had a net margin of 6.23% and a return on equity of 10.73%. The business’s revenue was down 7.0% on a year-over-year basis. During the same period last year, the company earned $0.42 earnings per share. On average, analysts expect that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors have recently made changes to their positions in the stock. Allworth Financial LP grew its position in shares of Cenovus Energy by 32.2% in the third quarter. Allworth Financial LP now owns 3,025 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 737 shares in the last quarter. Swiss Life Asset Management Ltd boosted its stake in Cenovus Energy by 12.4% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 92,902 shares of the oil and gas company’s stock worth $1,580,000 after purchasing an additional 10,255 shares during the period. Greenfield Seitz Capital Management LLC grew its holdings in Cenovus Energy by 4.4% during the 3rd quarter. Greenfield Seitz Capital Management LLC now owns 1,339,954 shares of the oil and gas company’s stock valued at $22,766,000 after buying an additional 56,507 shares in the last quarter. Tweedy Browne Co LLC increased its position in shares of Cenovus Energy by 112.0% during the third quarter. Tweedy Browne Co LLC now owns 46,942 shares of the oil and gas company’s stock valued at $797,000 after buying an additional 24,798 shares during the period. Finally, Advisory Services Network LLC purchased a new stake in shares of Cenovus Energy in the third quarter worth about $50,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.