Cenovus Energy (NYSE:CVE) Downgraded by StockNews.com to Hold

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE was downgraded by StockNews.com from a "buy" rating to a "hold" rating in a research report issued to clients and investors on Thursday.

Several other equities research analysts have also recently issued reports on the company. TD Securities cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 1st. BMO Capital Markets lowered their target price on Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating for the company in a research note on Friday, November 1st. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $30.00.

Cenovus Energy Stock Up 0.9 %

Shares of CVE stock traded up $0.14 during mid-day trading on Thursday, hitting $15.64. The stock had a trading volume of 3,635,531 shares, compared to its average volume of 8,824,822. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy has a 12-month low of $14.69 and a 12-month high of $21.90. The firm's 50-day moving average is $16.53 and its two-hundred day moving average is $18.09. The firm has a market capitalization of $28.57 billion, a P/E ratio of 10.85 and a beta of 2.02.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.08. The firm had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The business's quarterly revenue was down 17.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.72 earnings per share. On average, analysts predict that Cenovus Energy will post 1.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cenovus Energy

A number of institutional investors have recently made changes to their positions in the stock. Truvestments Capital LLC purchased a new stake in shares of Cenovus Energy during the 3rd quarter worth about $25,000. Blue Trust Inc. increased its holdings in Cenovus Energy by 640.3% in the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company's stock valued at $51,000 after purchasing an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of Cenovus Energy by 8.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company's stock worth $170,000 after purchasing an additional 643 shares in the last quarter. SevenBridge Financial Group LLC purchased a new stake in shares of Cenovus Energy in the third quarter worth about $162,000. Finally, Everpar Advisors LLC purchased a new stake in shares of Cenovus Energy during the second quarter valued at approximately $211,000. 51.19% of the stock is owned by institutional investors and hedge funds.

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.