Cenovus Energy Inc (NYSE:CVE) Receives Average Recommendation of “Moderate Buy” from Brokerages

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have received a consensus recommendation of “Moderate Buy” from the fourteen research firms that are covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and two have assigned a strong buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $27.00.

CVE has been the topic of a number of research analyst reports. Raymond James Financial raised shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, October 9th. Scotiabank lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 20th. Wall Street Zen upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a report on Saturday, November 8th. JPMorgan Chase & Co. restated a “neutral” rating on shares of Cenovus Energy in a research note on Tuesday, January 20th. Finally, Zacks Research lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 22nd.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the business. Harvest Portfolios Group Inc. bought a new stake in Cenovus Energy during the 2nd quarter valued at about $2,557,000. Intact Investment Management Inc. lifted its stake in shares of Cenovus Energy by 69.6% in the third quarter. Intact Investment Management Inc. now owns 3,655,878 shares of the oil and gas company’s stock worth $62,081,000 after buying an additional 1,500,590 shares in the last quarter. Boston Partners grew its holdings in shares of Cenovus Energy by 2.3% during the second quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock valued at $365,097,000 after buying an additional 606,042 shares during the last quarter. Swiss National Bank increased its position in shares of Cenovus Energy by 6.6% during the second quarter. Swiss National Bank now owns 4,156,435 shares of the oil and gas company’s stock valued at $56,341,000 after acquiring an additional 257,600 shares in the last quarter. Finally, Picton Mahoney Asset Management purchased a new position in Cenovus Energy in the 2nd quarter worth approximately $74,895,000. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Trading Down 3.3%

NYSE CVE opened at $19.73 on Friday. The stock has a market cap of $37.15 billion, a P/E ratio of 16.17 and a beta of 0.49. Cenovus Energy has a fifty-two week low of $10.23 and a fifty-two week high of $20.72. The stock has a 50 day simple moving average of $17.63 and a two-hundred day simple moving average of $16.88. 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 (NYSE:CVE) (TSE:CVE) last posted its earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.12. The firm had revenue of $10.87 billion for the quarter, compared to analysts’ expectations of $12.51 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 6.23%.The business’s revenue was down 7.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.42 earnings per share. On average, analysts forecast that Cenovus Energy will post 1.49 earnings per share for the current year.

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.