Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was downgraded by research analysts at Morgan Stanley from an “overweight” rating to an “equal weight” rating in a research report issued on Wednesday, Marketbeat reports.

Several other brokerages have also recently issued reports on CVE. Credit Suisse Group reiterated an “outperform” rating on shares of Cenovus Energy in a report on Friday, May 26th. TD Securities raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Friday, March 24th. Canaccord Genuity reaffirmed a “hold” rating and issued a $16.50 price objective on shares of Cenovus Energy in a research report on Wednesday, April 26th. Zacks Investment Research lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Monday, May 1st. Finally, ValuEngine downgraded shares of Cenovus Energy from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and seven have assigned a buy rating to the company. Cenovus Energy has a consensus rating of “Hold” and a consensus target price of $18.75.

Shares of Cenovus Energy (NYSE:CVE) traded up 0.735% during trading on Wednesday, hitting $7.535. 2,523,352 shares of the stock were exchanged. The firm has a 50 day moving average of $7.70 and a 200-day moving average of $11.01. Cenovus Energy has a 52-week low of $6.76 and a 52-week high of $16.82. The stock’s market cap is $6.28 billion.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Wednesday, April 26th. The oil and gas company reported ($0.04) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.02 by $0.06. The firm had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $3.21 billion. Cenovus Energy had a negative net margin of 1.64% and a positive return on equity of 0.03%. During the same quarter last year, the firm earned ($0.51) EPS. Equities research analysts anticipate that Cenovus Energy will post $0.17 earnings per share for the current fiscal year.

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Several institutional investors have recently bought and sold shares of CVE. 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 valued at $156,000 after buying an additional 4,700 shares in the last quarter. DORCHESTER WEALTH MANAGEMENT Co raised its stake in Cenovus Energy by 112.0% in the first quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 440,500 shares of the oil and gas company’s stock valued at $4,981,000 after buying an additional 232,716 shares in the last quarter. Korea Investment CORP raised its stake in Cenovus Energy by 258.9% in the first quarter. Korea Investment CORP now owns 890,170 shares of the oil and gas company’s stock valued at $10,045,000 after buying an additional 642,170 shares in the last quarter. Candriam Luxembourg S.C.A. raised its stake in Cenovus Energy by 10.9% in the first quarter. Candriam Luxembourg S.C.A. now owns 22,361 shares of the oil and gas company’s stock valued at $252,000 after buying an additional 2,200 shares in the last quarter. Finally, Beutel Goodman & Co Ltd. raised its stake in Cenovus Energy by 5.0% in the first quarter. Beutel Goodman & Co Ltd. now owns 45,403,489 shares of the oil and gas company’s stock valued at $512,963,000 after buying an additional 2,152,330 shares in the last quarter. 56.87% of the stock is owned by institutional investors and hedge funds.

About Cenovus Energy

Analyst Recommendations for Cenovus Energy (NYSE:CVE)

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