Cenovus Energy (NYSE:CVE) Upgraded to “Buy” at Wall Street Zen

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by stock analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Sunday.

A number of other research firms have also issued reports on CVE. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Cenovus Energy in a report on Tuesday, January 20th. TD Securities reissued a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, December 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Cenovus Energy in a research note on Tuesday, January 27th. Scotiabank lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Finally, Royal Bank Of Canada increased their price target on shares of Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a report on Monday, November 17th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $27.67.

Cenovus Energy Price Performance

Shares of CVE opened at $21.96 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.18 and a current ratio of 1.73. Cenovus Energy has a fifty-two week low of $10.23 and a fifty-two week high of $22.20. The firm has a 50-day simple moving average of $18.20 and a 200-day simple moving average of $17.32. The company has a market capitalization of $41.35 billion, a price-to-earnings ratio of 18.00 and a beta of 0.48.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors and hedge funds have recently modified their holdings of the company. Capital Research Global Investors boosted its position in Cenovus Energy by 291.3% during the third quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock worth $1,809,758,000 after acquiring an additional 79,345,506 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in Cenovus Energy by 322.7% during the second quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company’s stock worth $211,338,000 after acquiring an additional 11,849,355 shares during the last quarter. Mackenzie Financial Corp lifted its stake in shares of Cenovus Energy by 46.7% in the 3rd quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after purchasing an additional 9,753,134 shares in the last quarter. CIBC Asset Management Inc grew its holdings in shares of Cenovus Energy by 494.2% during the 3rd quarter. CIBC Asset Management Inc now owns 11,442,043 shares of the oil and gas company’s stock worth $194,493,000 after purchasing an additional 9,516,460 shares during the period. Finally, Vanguard Group Inc. increased its position in Cenovus Energy by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock worth $1,074,660,000 after purchasing an additional 7,197,843 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.