Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Tuesday. The firm currently has a $8.25 target price on the oil and gas company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 3.90% from the company’s current price.

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. “

A number of other equities research analysts have also recently weighed in on CVE. Macquarie upgraded shares of Cenovus Energy from an “underperform” rating to a “neutral” rating in a report on Thursday, March 30th. Canaccord Genuity restated a “hold” rating and issued a $16.50 price objective on shares of Cenovus Energy in a report on Wednesday, April 26th. Credit Suisse Group reiterated an “outperform” rating on shares of Cenovus Energy in a report on Friday, May 26th. ValuEngine cut shares of Cenovus Energy from a “hold” rating to a “sell” rating in a report on Friday, June 2nd. Finally, BidaskClub upgraded shares of Cenovus Energy from a “strong sell” rating to a “sell” rating in a report on Wednesday, June 14th. Five equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the stock. Cenovus Energy currently has a consensus rating of “Hold” and an average price target of $18.08.

Shares of Cenovus Energy (NYSE:CVE) traded up 6.29% during trading on Tuesday, reaching $7.94. 8,402,296 shares of the company traded hands. The stock’s market capitalization is $6.62 billion. Cenovus Energy has a 12-month low of $6.76 and a 12-month high of $16.82. The firm’s 50 day moving average is $7.62 and its 200-day moving average is $10.96.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced 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 business had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $3.21 billion. Cenovus Energy had a positive return on equity of 0.03% and a negative net margin of 1.64%. During the same quarter last year, the company posted ($0.51) EPS. On average, equities research analysts anticipate that Cenovus Energy will post $0.12 earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently modified their holdings of the stock. FNY Partners Fund LP bought a new position in shares of Cenovus Energy during the first quarter worth $113,000. Allegis Investment Advisors LLC bought a new position in shares of Cenovus Energy during the first quarter worth $135,000. Neuberger Berman Group LLC increased 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 increased 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 bought a new position in shares of Cenovus Energy during the first quarter worth $182,000. Institutional investors own 55.79% of the company’s stock.

Cenovus Energy Company Profile

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Analyst Recommendations for Cenovus Energy (NYSE:CVE)

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