Cenovus Energy (NYSE:CVE) Lowered to "Hold" Rating by StockNews.com

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

A number of other research firms have also recently issued reports on CVE. TD Securities cut Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Tuesday, October 1st. Scotiabank lowered their target price on Cenovus Energy from $35.00 to $34.00 and set a "sector outperform" rating for the company in a report on Friday, July 12th. Finally, BMO Capital Markets decreased their price objective on Cenovus Energy from $31.00 to $28.00 and set an "outperform" rating for the company in a report on Friday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $30.00.

Cenovus Energy Trading Down 0.5 %

NYSE:CVE traded down $0.09 during trading hours on Tuesday, hitting $16.13. 6,034,664 shares of the stock were exchanged, compared to its average volume of 8,885,734. The company's 50 day moving average is $17.14 and its two-hundred day moving average is $18.82. 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 company has a market capitalization of $29.50 billion, a P/E ratio of 11.18 and a beta of 2.05. Cenovus Energy has a twelve month low of $14.69 and a twelve month high of $21.90.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data 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. The business had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm's revenue was down 17.9% compared to the same quarter last year. During the same quarter last year, the business posted $0.72 EPS. On average, sell-side analysts anticipate that Cenovus Energy will post 1.63 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cenovus Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Atria Investments Inc bought a new position in Cenovus Energy in the first quarter valued at approximately $1,482,000. Manning & Napier Advisors LLC bought a new position in Cenovus Energy in the second quarter valued at approximately $2,946,000. M&G Plc increased its stake in Cenovus Energy by 2.4% in the second quarter. M&G Plc now owns 3,496,370 shares of the oil and gas company's stock valued at $69,013,000 after acquiring an additional 82,840 shares during the last quarter. SkyView Investment Advisors LLC bought a new position in Cenovus Energy in the first quarter valued at approximately $733,000. Finally, Semanteon Capital Management LP bought a new position in Cenovus Energy in the third quarter valued at approximately $845,000. 51.19% of the stock is currently 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.