Zacks Investment Research Upgrades Cenovus Energy Inc (CVE) to “Hold”
Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Tuesday.
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. “
Several other research analysts have also recently issued reports on CVE. TD Securities raised Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Friday, March 24th. Macquarie raised Cenovus Energy from an “underperform” rating to a “neutral” rating in a research note on Thursday, March 30th. Canaccord Genuity reissued a “hold” rating and issued a $16.50 price objective on shares of Cenovus Energy in a research note on Wednesday, April 26th. Credit Suisse Group reissued an “outperform” rating on shares of Cenovus Energy in a research note on Friday, May 26th. Finally, ValuEngine cut Cenovus Energy from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Five investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. Cenovus Energy presently has a consensus rating of “Hold” and a consensus target price of $18.75.
Cenovus Energy (NYSE:CVE) traded up 0.94% during midday trading on Tuesday, reaching $7.48. The company’s stock had a trading volume of 4,881,734 shares. Cenovus Energy has a 12-month low of $6.76 and a 12-month high of $16.82. The firm’s market cap is $6.23 billion. The company’s 50-day moving average is $8.48 and its 200 day moving average is $11.79.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, April 26th. The oil and gas company reported ($0.04) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by $0.06. Cenovus Energy had a negative net margin of 1.64% and a positive return on equity of 0.03%. The business had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $3.21 billion. During the same period in the prior year, the company posted ($0.51) EPS. Equities analysts forecast that Cenovus Energy will post $0.17 earnings per share for the current year.
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Several hedge funds have recently modified their holdings of CVE. FNY Partners Fund LP purchased a new position in shares of Cenovus Energy during the first quarter worth about $113,000. Allegis Investment Advisors LLC purchased a new position in shares of Cenovus Energy during the first quarter worth about $135,000. Neuberger Berman Group LLC raised its position in shares of Cenovus Energy by 7.4% in the first quarter. Neuberger Berman Group LLC now owns 12,992 shares of the oil and gas company’s stock worth $147,000 after buying an additional 900 shares during the period. Acadian Asset Management LLC raised its position in shares of Cenovus Energy by 51.6% in the first quarter. Acadian Asset Management LLC now owns 13,800 shares of the oil and gas company’s stock worth $156,000 after buying an additional 4,700 shares during the period. Finally, Two Sigma Securities LLC purchased a new position in shares of Cenovus Energy during the first quarter worth about $182,000. Hedge funds and other institutional investors own 56.87% of the company’s stock.
About Cenovus Energy
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