Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.
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. “
A number of other brokerages have also weighed in on CVE. UBS Group started coverage on shares of Cenovus Energy in a research report on Wednesday, March 7th. They issued a “neutral” rating on the stock. ValuEngine lowered shares of Cenovus Energy from a “hold” rating to a “sell” rating in a research report on Saturday, February 17th. Scotiabank lowered shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Wednesday, November 15th. AltaCorp Capital upgraded shares of Cenovus Energy from a “sector perform” rating to an “outperform” rating in a research report on Friday, February 16th. Finally, Desjardins restated a “hold” rating on shares of Cenovus Energy in a research report on Friday, January 12th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $14.42.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, February 15th. The oil and gas company reported ($0.35) earnings per share for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.45). Cenovus Energy had a net margin of 18.92% and a return on equity of 0.53%. The company had revenue of $4 billion during the quarter, compared to analyst estimates of $3.95 billion. During the same quarter in the prior year, the business earned $0.39 EPS. equities research analysts forecast that Cenovus Energy will post 0.22 earnings per share for the current year.
Large investors have recently modified their holdings of the company. Sowell Financial Services LLC acquired a new position in shares of Cenovus Energy during the third quarter worth $106,000. Timber Hill LLC acquired a new position in shares of Cenovus Energy during the third quarter worth $114,000. First Allied Advisory Services Inc. acquired a new position in shares of Cenovus Energy during the third quarter worth $125,000. Cutler Capital Management LLC acquired a new position in shares of Cenovus Energy during the third quarter worth $125,000. Finally, Point View Wealth Management Inc. acquired a new position in shares of Cenovus Energy during the third quarter worth $133,000. Institutional investors own 75.80% of the company’s stock.
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About Cenovus Energy
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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