Cenovus Energy (NYSE:CVE) Given New $31.00 Price Target at BMO Capital Markets

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE had its price objective reduced by stock analysts at BMO Capital Markets from $33.00 to $31.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an "outperform" rating on the oil and gas company's stock. BMO Capital Markets' price target would suggest a potential upside of 69.68% from the company's current price.

A number of other research analysts also recently weighed in on the company. StockNews.com downgraded Cenovus Energy from a "buy" rating to a "hold" rating in a report on Monday. Scotiabank lowered their target price on Cenovus Energy from $35.00 to $34.00 and set a "sector outperform" rating on the stock in a research note on Friday, July 12th. Finally, TD Securities lowered shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday. Two research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Cenovus Energy presently has an average rating of "Moderate Buy" and a consensus price target of $30.75.

Cenovus Energy Price Performance

Shares of CVE traded up $0.43 during trading hours on Friday, hitting $18.27. 11,603,032 shares of the company were exchanged, compared to its average volume of 9,035,390. The firm has a fifty day simple moving average of $17.99 and a 200-day simple moving average of $19.35. The company has a market capitalization of $33.97 billion, a PE ratio of 10.15 and a beta of 2.05. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.00. Cenovus Energy has a one year low of $14.69 and a one year high of $21.90.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.13). Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. The firm had revenue of $10.88 billion during the quarter, compared to analysts' expectations of $9.78 billion. As a group, sell-side analysts predict that Cenovus Energy will post 1.84 earnings per share for the current year.

Hedge Funds Weigh In On Cenovus Energy

A number of hedge funds have recently added to or reduced their stakes in CVE. Vanguard Group Inc. grew its position in Cenovus Energy by 2.1% in the first quarter. Vanguard Group Inc. now owns 48,563,284 shares of the oil and gas company's stock worth $970,780,000 after acquiring an additional 1,008,341 shares in the last quarter. Boston Partners increased its position in Cenovus Energy by 29.0% during the first quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company's stock worth $750,435,000 after buying an additional 8,438,979 shares during the last quarter. Capital International Investors increased its position in Cenovus Energy by 216.3% during the first quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company's stock worth $678,250,000 after buying an additional 23,202,018 shares during the last quarter. 1832 Asset Management L.P. lifted its position in shares of Cenovus Energy by 81.1% in the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company's stock worth $246,507,000 after buying an additional 5,613,320 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its stake in shares of Cenovus Energy by 5.3% during the 2nd quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company's stock worth $219,897,000 after acquiring an additional 562,663 shares in the last quarter. 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.