Cenovus Energy (NYSE:CVE) Given New $30.00 Price Target at Morgan Stanley

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its price objective upped by stock analysts at Morgan Stanley from $28.00 to $30.00 in a report issued on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the oil and gas company’s stock. Morgan Stanley’s target price would indicate a potential upside of 50.23% from the company’s previous close.

CVE has been the subject of several other reports. StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. Royal Bank of Canada reissued an “outperform” rating and set a $28.00 target price on shares of Cenovus Energy in a report on Friday, January 26th. Finally, UBS Group raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating in a report on Friday, February 23rd. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Cenovus Energy has a consensus rating of “Moderate Buy” and a consensus price target of $26.67.

Cenovus Energy Stock Performance

Shares of NYSE CVE traded up $0.13 during midday trading on Thursday, reaching $19.97. The company’s stock had a trading volume of 3,929,233 shares, compared to its average volume of 11,772,472. Cenovus Energy has a 12-month low of $14.69 and a 12-month high of $21.37. The firm has a 50 day moving average price of $17.25 and a 200-day moving average price of $17.95. The stock has a market capitalization of $37.27 billion, a P/E ratio of 12.66 and a beta of 2.13. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.56 and a quick ratio of 0.91.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, February 15th. The oil and gas company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.25 by $0.04. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. The business had revenue of $9.65 billion for the quarter, compared to the consensus estimate of $9.73 billion. During the same quarter in the prior year, the business earned $0.29 earnings per share. As a group, equities analysts predict that Cenovus Energy will post 1.73 earnings per share for the current year.

Hedge Funds Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently modified their holdings of CVE. Bornite Capital Management LP raised its stake in shares of Cenovus Energy by 20.0% during the first quarter. Bornite Capital Management LP now owns 3,000,000 shares of the oil and gas company’s stock valued at $50,040,000 after acquiring an additional 500,000 shares during the last quarter. Raymond James & Associates raised its stake in Cenovus Energy by 48.6% in the first quarter. Raymond James & Associates now owns 130,378 shares of the oil and gas company’s stock worth $2,175,000 after buying an additional 42,646 shares in the last quarter. Bank of New York Mellon Corp raised its stake in Cenovus Energy by 0.5% in the first quarter. Bank of New York Mellon Corp now owns 1,471,933 shares of the oil and gas company’s stock worth $24,551,000 after buying an additional 7,624 shares in the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in shares of Cenovus Energy by 25.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,944 shares of the oil and gas company’s stock valued at $399,000 after purchasing an additional 4,806 shares in the last quarter. Finally, Natixis Advisors L.P. increased its stake in shares of Cenovus Energy by 11.6% during the first quarter. Natixis Advisors L.P. now owns 49,549 shares of the oil and gas company’s stock valued at $826,000 after purchasing an additional 5,150 shares in the last quarter. 51.19% of the stock is owned by institutional investors.

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.