Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Wednesday.

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. “

CVE has been the subject of a number of other research reports. Canaccord Genuity reaffirmed a “hold” rating and issued a $16.50 price target on shares of Cenovus Energy in a research note on Wednesday, April 26th. Macquarie raised Cenovus Energy from an “underperform” rating to a “neutral” rating in a research note on Thursday, March 30th. ValuEngine lowered Cenovus Energy from a “hold” rating to a “sell” rating in a research note on Friday, June 2nd. Barclays PLC reaffirmed an “overweight” rating and issued a $22.00 price target (up previously from $15.00) on shares of Cenovus Energy in a research note on Wednesday, July 12th. Finally, National Bank Financial started coverage on Cenovus Energy in a research note on Tuesday, June 27th. They issued a “sector perform” rating for the company. Five equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $18.08.

Cenovus Energy (NYSE:CVE) traded up 0.38% during mid-day trading on Wednesday, hitting $7.97. 7,232,264 shares of the stock traded hands. The company has a 50-day moving average of $7.62 and a 200 day moving average of $10.96. Cenovus Energy has a 1-year low of $6.76 and a 1-year high of $16.82. The firm’s market capitalization is $9.80 billion.

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

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Several institutional investors have recently modified their holdings of CVE. Campbell & CO Investment Adviser LLC bought a new position in shares of Cenovus Energy during the second quarter valued at $386,000. Lincluden Management Ltd. increased its position in shares of Cenovus Energy by 106,932.2% in the second quarter. Lincluden Management Ltd. now owns 5,122,563 shares of the oil and gas company’s stock valued at $38,891,000 after buying an additional 5,117,777 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Cenovus Energy by 759.4% in the second quarter. Acadian Asset Management LLC now owns 118,600 shares of the oil and gas company’s stock valued at $873,000 after buying an additional 104,800 shares during the last quarter. DORCHESTER WEALTH MANAGEMENT Co increased its position in shares of Cenovus Energy by 7.2% in the second quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 472,349 shares of the oil and gas company’s stock valued at $3,480,000 after buying an additional 31,849 shares during the last quarter. Finally, 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 valued at $4,849,000 after buying an additional 4,883 shares during the last quarter. Hedge funds and other institutional investors own 55.79% of the company’s stock.

Cenovus Energy Company Profile

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