Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.
According to Zacks, “Cenovus Energy Inc. is a Canadian integrated oil company. Operations include oil sands projects in northern Alberta, which use specialized methods to drill and pump the oil to the surface, and established natural gas and oil production in Alberta and British Columbia. The company also has 50% ownership in two U.S. refineries. “
Several other equities research analysts have also commented on the company. Scotiabank lowered Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, November 15th. AltaCorp Capital downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a report on Thursday, November 9th. Royal Bank of Canada restated a “buy” rating and set a $15.00 price objective on shares of Cenovus Energy in a report on Monday, October 16th. Desjardins restated a “hold” rating on shares of Cenovus Energy in a report on Friday, January 12th. Finally, Canaccord Genuity restated a “buy” rating and set a $15.50 price objective on shares of Cenovus Energy in a report on Thursday, October 19th. Five analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $14.42.
Large investors have recently modified their holdings of the stock. ConocoPhillips purchased a new position in shares of Cenovus Energy in the 4th quarter valued at about $1,899,040,000. Nexus Investment Management Inc. raised its holdings in Cenovus Energy by 131.7% in the 4th quarter. Nexus Investment Management Inc. now owns 1,210,050 shares of the oil and gas company’s stock valued at $11,098,000 after acquiring an additional 687,840 shares during the period. Shell Asset Management Co. raised its holdings in Cenovus Energy by 145.9% in the 3rd quarter. Shell Asset Management Co. now owns 203,582 shares of the oil and gas company’s stock valued at $6,134,000 after acquiring an additional 120,792 shares during the period. Legal & General Group Plc raised its holdings in Cenovus Energy by 7.4% in the 3rd quarter. Legal & General Group Plc now owns 4,990,018 shares of the oil and gas company’s stock valued at $49,921,000 after acquiring an additional 343,344 shares during the period. Finally, Goldman Sachs Group Inc. raised its holdings in Cenovus Energy by 29.2% in the 2nd quarter. Goldman Sachs Group Inc. now owns 1,564,016 shares of the oil and gas company’s stock valued at $11,527,000 after acquiring an additional 353,162 shares during the period. Institutional investors own 56.78% of the company’s stock.
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Cenovus Energy Company Profile
Cenovus Energy Inc is a Canada-based integrated oil company. It operates in the business of developing, producing and marketing crude oil, Natural Gas Liquids (NGLs) and natural gas in Canada. The Company also conducts marketing activities and owns refining interests in the United States (U.S.). Its segments include: Oil Sands, which includes the development and production of bitumen and natural gas in northeast Alberta; Conventional, which includes the development and production of conventional crude oil, NGLs and natural gas in Alberta and Saskatchewan, including the heavy oil assets at Pelican Lake, the carbon dioxide (CO2) enhanced oil recovery (EOR) project at Weyburn and emerging tight oil opportunities; Refining and Marketing, which includes transporting and selling crude oil and natural gas and joint ownership of refineries in the U.S., as well as Corporate and Eliminations.
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