Cenovus Energy (NYSE:CVE) Raised to Buy at StockNews.com

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by investment analysts at StockNews.com from a “hold” rating to a “buy” rating in a research note issued on Monday.

Several other research analysts have also recently issued reports on the company. BMO Capital Markets cut their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. One analyst has rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat, Cenovus Energy currently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock traded up $0.37 during midday trading on Monday, hitting $15.99. The company had a trading volume of 7,143,656 shares, compared to its average volume of 8,869,408. Cenovus Energy has a 12-month low of $14.69 and a 12-month high of $21.90. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The stock has a market cap of $29.20 billion, a price-to-earnings ratio of 11.02 and a beta of 2.05. The company has a fifty day simple moving average of $16.74 and a 200 day simple moving average of $18.46.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 EPS for the quarter, topping the consensus estimate of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same quarter in the previous year, the firm earned $0.72 EPS. The company’s quarterly revenue was down 17.9% compared to the same quarter last year. As a group, analysts predict that Cenovus Energy will post 1.5 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Entropy Technologies LP bought a new stake in shares of Cenovus Energy in the 3rd quarter worth approximately $3,472,000. Atria Investments Inc acquired a new stake in shares of Cenovus Energy in the first quarter valued at about $1,482,000. Manning & Napier Advisors LLC acquired a new stake in shares of Cenovus Energy in the second quarter valued at about $2,946,000. M&G Plc increased its position in Cenovus Energy by 2.4% during the second quarter. M&G Plc now owns 3,496,370 shares of the oil and gas company’s stock worth $69,013,000 after buying an additional 82,840 shares during the last quarter. Finally, SkyView Investment Advisors LLC acquired a new position in shares of Cenovus Energy in the first quarter valued at approximately $733,000. Institutional investors and hedge funds own 51.19% of the company’s stock.

Cenovus Energy Company Profile

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.