Cenovus Energy’s (CVE) “Buy” Rating Reaffirmed at Canaccord Genuity
Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)‘s stock had its “buy” rating reaffirmed by equities researchers at Canaccord Genuity in a research note issued on Thursday. They currently have a $15.50 price objective on the oil and gas company’s stock. Canaccord Genuity’s price target would suggest a potential upside of 54.85% from the stock’s current price.
CVE has been the subject of a number of other reports. Morgan Stanley set a $15.00 price objective on shares of Cenovus Energy and gave the company a “buy” rating in a research note on Friday, October 13th. Royal Bank Of Canada reaffirmed a “buy” rating and set a $15.00 price objective on shares of Cenovus Energy in a research note on Monday. Zacks Investment Research lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Wednesday, July 26th. BidaskClub raised shares of Cenovus Energy from a “strong sell” rating to a “sell” rating in a research note on Wednesday, August 2nd. Finally, National Bank Financial began coverage on shares of Cenovus Energy in a research note on Tuesday, June 27th. They set a “sector perform” rating for the company. Four investment analysts have rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. Cenovus Energy currently has a consensus rating of “Hold” and an average target price of $16.06.
Cenovus Energy (NYSE CVE) traded up 2.25% during trading on Thursday, hitting $10.01. 6,628,305 shares of the stock were exchanged. The stock’s 50-day moving average price is $9.43 and its 200-day moving average price is $8.83. The firm has a market cap of $12.30 billion, a PE ratio of 4.09 and a beta of 0.60. Cenovus Energy has a 12-month low of $6.76 and a 12-month high of $16.82.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, July 27th. The oil and gas company reported $0.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.03 by $0.24. Cenovus Energy had a net margin of 17.89% and a return on equity of 3.20%. The company had revenue of $3.03 billion during the quarter, compared to analyst estimates of $3.40 billion. During the same quarter last year, the firm posted ($0.05) EPS. On average, equities analysts expect that Cenovus Energy will post $0.51 EPS for the current year.
Several hedge funds and other institutional investors have recently bought and sold shares of CVE. Allegis Investment Advisors LLC lifted its position in shares of Cenovus Energy by 16.9% in the second quarter. Allegis Investment Advisors LLC now owns 13,933 shares of the oil and gas company’s stock worth $103,000 after purchasing an additional 2,016 shares in the last quarter. Cigna Investments Inc. New purchased a new stake in shares of Cenovus Energy in the second quarter worth approximately $110,000. FNY Partners Fund LP purchased a new stake in shares of Cenovus Energy in the first quarter worth approximately $113,000. First Commonwealth Financial Corp PA purchased a new stake in shares of Cenovus Energy in the second quarter worth approximately $114,000. Finally, Sciencast Management LP purchased a new stake in shares of Cenovus Energy in the second quarter worth approximately $124,000. 56.17% of the stock is owned by institutional investors and hedge funds.
Cenovus Energy Company Profile
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