Cenovus Energy (NYSE:CVE) Rating Lowered to “Hold” at Zacks Research

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other research firms have also recently weighed in on CVE. Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 9th. Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a research report on Wednesday, May 13th. Scotiabank reissued an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, May 7th. BMO Capital Markets reissued an “outperform” rating on shares of Cenovus Energy in a research report on Friday, February 20th. Finally, Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and an average target price of $35.25.

Cenovus Energy Trading Down 2.6%

NYSE:CVE opened at $25.57 on Tuesday. The stock has a market capitalization of $47.82 billion, a price-to-earnings ratio of 14.05 and a beta of 0.34. The firm has a fifty day simple moving average of $28.05 and a two-hundred day simple moving average of $23.11. Cenovus Energy has a 12 month low of $13.47 and a 12 month high of $32.07. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. The firm had revenue of $10.79 billion during the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The business’s revenue was up 1.0% on a year-over-year basis. During the same period last year, the company earned $0.47 earnings per share. Analysts expect that Cenovus Energy will post 3.15 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Financial Management Professionals Inc. bought a new position in Cenovus Energy in the 4th quarter worth $25,000. Transamerica Financial Advisors LLC increased its stake in shares of Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 1,433 shares in the last quarter. NBC Securities Inc. increased its stake in Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 1,500 shares in the last quarter. Kestra Advisory Services LLC bought a new stake in Cenovus Energy during the 4th quarter valued at about $38,000. Finally, Geneos Wealth Management Inc. increased its stake in Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

About Cenovus Energy

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.