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

A number of other analysts have also recently issued reports on CVE. Zacks Investment Research cut shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, May 1st. TD Securities raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a report on Friday, March 24th. Canaccord Genuity reaffirmed a “hold” rating and set a $16.50 price target on shares of Cenovus Energy in a report on Wednesday, April 26th. Macquarie upgraded shares of Cenovus Energy from an “underperform” rating to a “neutral” rating in a research report on Thursday, March 30th. Finally, ValuEngine downgraded shares of Cenovus Energy from a “hold” rating to a “sell” rating in a research report on Friday, June 2nd. Five equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have assigned a buy rating to the company’s stock. Cenovus Energy has a consensus rating of “Hold” and an average price target of $18.75.

Shares of Cenovus Energy (CVE) opened at 7.48 on Wednesday. Cenovus Energy has a one year low of $6.76 and a one year high of $16.82. The firm’s 50-day moving average price is $7.70 and its 200-day moving average price is $11.01. The stock’s market capitalization is $6.23 billion.

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

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Institutional investors have recently added to or reduced their stakes in the stock. Foundation Resource Management Inc. increased its position in shares of Cenovus Energy by 0.7% in the second quarter. Foundation Resource Management Inc. now owns 657,997 shares of the oil and gas company’s stock worth $4,849,000 after buying an additional 4,883 shares during the last quarter. Gateway Investment Advisers LLC increased its position in shares of Cenovus Energy by 0.5% in the second quarter. Gateway Investment Advisers LLC now owns 75,312 shares of the oil and gas company’s stock worth $555,000 after buying an additional 376 shares during the last quarter. Capstone Asset Management Co. increased its position in shares of Cenovus Energy by 1.6% in the second quarter. Capstone Asset Management Co. now owns 87,709 shares of the oil and gas company’s stock worth $646,000 after buying an additional 1,350 shares during the last quarter. Seaward Management Limited Partnership increased its position in shares of Cenovus Energy by 8.4% in the first quarter. Seaward Management Limited Partnership now owns 70,673 shares of the oil and gas company’s stock worth $798,000 after buying an additional 5,450 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ bought a new position in shares of Cenovus Energy during the first quarter worth approximately $1,351,000. Institutional investors and hedge funds own 56.87% of the company’s stock.

About Cenovus Energy

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Analyst Recommendations for Cenovus Energy (NYSE:CVE)

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