Wall Street Zen Downgrades Cenovus Energy (NYSE:CVE) to Buy

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a note issued to investors on Saturday.

A number of other research analysts also recently commented on the stock. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a report on Wednesday, May 13th. Scotiabank raised Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, July 7th. Finally, UBS Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus target price of $35.25.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $29.26 on Friday. The company has a market cap of $54.45 billion, a price-to-earnings ratio of 16.08 and a beta of 0.34. The firm’s fifty day moving average is $27.46 and its 200 day moving average is $24.83. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. Cenovus Energy has a 52-week low of $14.31 and a 52-week high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. During the same quarter last year, the business earned $0.47 earnings per share. Cenovus Energy’s quarterly revenue was up 1.0% compared to the same quarter last year. Sell-side analysts forecast that Cenovus Energy will post 3.02 EPS for the current fiscal year.

Institutional Trading of Cenovus Energy

Several institutional investors and hedge funds have recently made changes to their positions in CVE. Financial Management Professionals Inc. bought a new position in shares of Cenovus Energy in the fourth quarter worth about $25,000. Transamerica Financial Advisors LLC lifted its holdings in Cenovus Energy by 1,302.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 1,433 shares in the last quarter. NBC Securities Inc. lifted its holdings in Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 1,500 shares in the last quarter. Kestra Advisory Services LLC purchased a new stake in Cenovus Energy in the 4th quarter valued at about $38,000. Finally, Advisory Services Network LLC purchased a new stake in Cenovus Energy in the 3rd quarter valued at about $50,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Company Profile

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.