The Goldman Sachs Group Has Lowered Expectations for Cenovus Energy (NYSE:CVE) Stock Price

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its price target reduced by analysts at The Goldman Sachs Group from $18.00 to $16.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the oil and gas company’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 33.44% from the stock’s current price.

Several other brokerages have also issued reports on CVE. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. National Bank Financial cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. National Bankshares reissued a “sector perform” rating on shares of Cenovus Energy in a research report on Friday, April 25th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $25.00 price target on shares of Cenovus Energy in a research report on Friday, April 11th. Four research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $25.75.

Cenovus Energy Stock Performance

NYSE:CVE opened at $11.99 on Wednesday. The company’s 50-day moving average is $12.71 and its two-hundred day moving average is $14.52. Cenovus Energy has a 1-year low of $10.23 and a 1-year high of $21.08. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. The firm has a market capitalization of $21.85 billion, a price-to-earnings ratio of 9.91 and a beta of 1.46.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.27). Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. The business had revenue of $8.40 billion during the quarter, compared to analysts’ expectations of $11.08 billion. Analysts forecast that Cenovus Energy will post 1.49 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Farther Finance Advisors LLC increased its holdings in Cenovus Energy by 104.9% during the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 851 shares during the period. Bruce G. Allen Investments LLC purchased a new stake in shares of Cenovus Energy during the first quarter worth approximately $38,000. Cromwell Holdings LLC raised its holdings in Cenovus Energy by 1,165.1% in the first quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company’s stock valued at $42,000 after acquiring an additional 2,808 shares in the last quarter. Sierra Ocean LLC purchased a new position in Cenovus Energy in the fourth quarter worth approximately $67,000. Finally, Blue Trust Inc. grew its holdings in Cenovus Energy by 54.7% during the 4th quarter. Blue Trust Inc. now owns 4,742 shares of the oil and gas company’s stock worth $72,000 after acquiring an additional 1,677 shares in the last quarter. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.