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

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE was upgraded by equities researchers at StockNews.com from a "hold" rating to a "buy" rating in a report issued on Monday.

A number of other research analysts also recently commented on CVE. TD Securities downgraded Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, October 1st. BMO Capital Markets lowered their price target on shares of Cenovus Energy from $33.00 to $31.00 and set an "outperform" rating for the company in a research report on Friday, October 4th. Finally, Scotiabank cut their price objective on shares of Cenovus Energy from $35.00 to $34.00 and set a "sector outperform" rating on the stock in a research report on Friday, July 12th. One research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $30.75.

Cenovus Energy Stock Performance

Cenovus Energy stock traded down $0.21 during mid-day trading on Monday, reaching $16.69. The company's stock had a trading volume of 6,184,081 shares, compared to its average volume of 8,857,483. The company has a current ratio of 1.66, a quick ratio of 1.00 and a debt-to-equity ratio of 0.25. Cenovus Energy has a twelve month low of $14.69 and a twelve month high of $21.90. The business has a 50 day moving average price of $17.41 and a 200-day moving average price of $18.98. The firm has a market cap of $31.02 billion, a price-to-earnings ratio of 9.27 and a beta of 2.04.

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

Hedge Funds Weigh In On Cenovus Energy

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. raised its position in shares of Cenovus Energy by 640.3% during the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company's stock worth $51,000 after buying an additional 2,651 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its holdings in 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. Envestnet Portfolio Solutions Inc. acquired a new stake in Cenovus Energy in the first quarter worth approximately $205,000. Everpar Advisors LLC bought a new position in Cenovus Energy during the 2nd quarter valued at $211,000. Finally, FCG Investment Co acquired a new position in shares of Cenovus Energy during the 3rd quarter valued at $211,000. Institutional investors own 51.19% of the company's stock.

About Cenovus Energy

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.

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