Cenovus Energy (NYSE:CVE) Cut to Buy at Wall Street Zen

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by research analysts at Wall Street Zen from a “strong-buy” rating to a “buy” rating in a report issued on Saturday.

A number of other research firms have also recently issued reports on CVE. Royal Bank Of Canada boosted their target price on Cenovus Energy from $45.00 to $47.00 and gave the company an “outperform” rating in a research note on Tuesday, May 19th. Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Weiss Ratings upgraded Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, July 7th. The Goldman Sachs Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Finally, Lake Street Capital set a $36.00 target price on Cenovus Energy in a research note on Wednesday, May 13th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, Cenovus Energy presently has a consensus rating of “Buy” and an average price target of $35.25.

Cenovus Energy Trading Down 1.5%

Shares of NYSE CVE opened at $29.26 on Friday. The company’s fifty day moving average is $27.46 and its 200-day moving average is $24.77. The stock has a market cap of $54.45 billion, a price-to-earnings ratio of 16.08 and a beta of 0.34. Cenovus Energy has a twelve month low of $14.31 and a twelve month high of $32.07. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business had revenue of $10.79 billion during the quarter, compared to analysts’ expectations of $9.47 billion. During the same quarter in the prior year, the company earned $0.47 EPS. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. Equities research analysts predict that Cenovus Energy will post 3.02 EPS for the current year.

Hedge Funds Weigh In On Cenovus Energy

Hedge funds and other institutional investors have recently made changes to their positions in the company. Capital Research Global Investors increased its holdings in Cenovus Energy by 16.6% during the fourth quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock worth $2,103,090,000 after buying an additional 17,730,542 shares during the last quarter. Vanguard Group Inc. lifted its stake in Cenovus Energy by 12.8% in the fourth quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock valued at $1,074,660,000 after acquiring an additional 7,197,843 shares during the last quarter. Capital International Investors lifted its stake in Cenovus Energy by 3.9% in the fourth quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock valued at $862,505,000 after acquiring an additional 1,903,432 shares during the last quarter. FIL Ltd grew its position in shares of Cenovus Energy by 40.0% in the 4th quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock valued at $651,880,000 after acquiring an additional 11,019,212 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Cenovus Energy by 111.2% in the 1st quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock valued at $604,107,000 after acquiring an additional 11,990,405 shares during the period. 51.19% of the stock is owned by institutional investors.

About Cenovus Energy

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.