Cenovus Energy (NYSE:CVE) Price Target Raised to C$16.50 at Scotiabank

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its price target increased by analysts at Scotiabank from C$14.00 to C$16.50 in a report released on Thursday, The Fly reports. The firm currently has an “outperform” rating on the oil and gas company’s stock.

CVE has been the subject of several other research reports. Royal Bank of Canada boosted their price objective on Cenovus Energy from C$15.00 to C$16.00 and gave the company an “outperform” rating in a report on Friday, July 30th. BMO Capital Markets reiterated a “buy” rating on shares of Cenovus Energy in a report on Monday, September 27th. The Goldman Sachs Group upped their price target on Cenovus Energy from $11.00 to $12.50 and gave the stock a “buy” rating in a report on Tuesday, September 28th. Raymond James upped their price target on Cenovus Energy from C$13.50 to C$14.00 and gave the stock a “market perform” rating in a report on Friday, July 30th. Finally, National Bank Financial upped their price target on Cenovus Energy from C$19.50 to C$20.00 and gave the stock an “outperform” rating in a report on Monday, July 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $13.89.

Shares of NYSE CVE traded up $0.46 during midday trading on Thursday, hitting $11.72. 274,586 shares of the stock traded hands, compared to its average volume of 9,624,174. The company has a market cap of $23.65 billion, a PE ratio of -233.60 and a beta of 3.20. Cenovus Energy has a one year low of $3.15 and a one year high of $11.83. The business has a 50 day moving average price of $8.98 and a two-hundred day moving average price of $8.64. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.71 and a current ratio of 1.20.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, July 28th. The oil and gas company reported $0.11 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.29 by ($0.18). The firm had revenue of $8.61 billion for the quarter. Cenovus Energy had a net margin of 0.43% and a negative return on equity of 2.61%. As a group, equities research analysts forecast that Cenovus Energy will post 0.8 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the company. Aviva PLC lifted its position in shares of Cenovus Energy by 21.8% during the 1st quarter. Aviva PLC now owns 413,339 shares of the oil and gas company’s stock valued at $3,099,000 after buying an additional 74,034 shares during the last quarter. Banco Bilbao Vizcaya Argentaria S.A. bought a new stake in shares of Cenovus Energy during the 2nd quarter valued at $1,908,000. Adams Natural Resources Fund Inc. bought a new stake in shares of Cenovus Energy during the 2nd quarter valued at $1,302,000. Quadrature Capital Ltd raised its stake in shares of Cenovus Energy by 266.0% during the 1st quarter. Quadrature Capital Ltd now owns 625,200 shares of the oil and gas company’s stock valued at $4,681,000 after purchasing an additional 454,400 shares during the period. Finally, American Century Companies Inc. raised its stake in shares of Cenovus Energy by 2.8% during the 2nd quarter. American Century Companies Inc. now owns 83,831 shares of the oil and gas company’s stock valued at $802,000 after purchasing an additional 2,266 shares during the period. 49.30% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Company Profile

Cenovus Energy, Inc engages in provision of gas and oil. Its activities include development, production, and marketing of crude oil, natural gas liquids (NGLS), and natural gas in Canada. The firm operates through four segments: Oil Sands, Conventional, Refining & Marketing, and Corporate & Eliminations.

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