Cenovus Energy (NYSE:CVE) Rating Lowered to Hold at Zacks Research

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

CVE has been the topic of a number of other research reports. BMO Capital Markets set a $29.00 price target on Cenovus Energy in a report on Monday, November 17th. Raymond James Financial raised Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, October 9th. Royal Bank Of Canada increased their price objective on shares of Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, November 17th. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a report on Thursday, November 20th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cenovus Energy in a report on Thursday, October 30th. Two research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, Cenovus Energy has an average rating of “Moderate Buy” and a consensus price target of $27.00.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $18.78 on Thursday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.18 and a current ratio of 1.73. Cenovus Energy has a one year low of $10.23 and a one year high of $19.00. The firm has a market capitalization of $35.37 billion, a P/E ratio of 15.39 and a beta of 0.49. The company’s fifty day moving average is $17.47 and its two-hundred day moving average is $16.68.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Friday, October 31st. The oil and gas company reported $0.52 EPS for the quarter, beating the consensus estimate 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 for the quarter was down 7.0% compared to the same quarter last year. During the same quarter last year, the business earned $0.42 earnings per share. Analysts forecast that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Hedge Funds Weigh In On Cenovus Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. Jones Financial Companies Lllp grew its stake in shares of Cenovus Energy by 574.8% during the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock valued at $301,000 after buying an additional 18,405 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its stake in Cenovus Energy by 6.3% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock worth $10,397,000 after acquiring an additional 44,125 shares during the last quarter. Meridian Investment Counsel Inc. raised its holdings in shares of Cenovus Energy by 9.4% in the 2nd quarter. Meridian Investment Counsel Inc. now owns 23,275 shares of the oil and gas company’s stock worth $317,000 after purchasing an additional 2,000 shares during the period. Paragon Capital Management Ltd acquired a new position in shares of Cenovus Energy in the 2nd quarter valued at about $232,000. Finally, Signaturefd LLC increased its position in Cenovus Energy by 84.3% during the 2nd quarter. Signaturefd LLC now owns 64,224 shares of the oil and gas company’s stock worth $873,000 after purchasing an additional 29,371 shares in the last quarter. Institutional investors and hedge funds 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.