Cenovus Energy (NYSE:CVE) Stock Rating Upgraded by Desjardins

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by Desjardins to a “moderate buy” rating in a report issued on Thursday,Zacks.com reports.

Several other research firms also recently commented on CVE. Zacks Research downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, June 16th. Raymond James Financial downgraded Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. UBS Group reissued a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. The Goldman Sachs Group restated a “buy” rating on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Weiss Ratings raised shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, July 7th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, Cenovus Energy presently has an average rating of “Buy” and a consensus target price of $35.25.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $27.97 on Thursday. The business’s 50 day moving average price is $27.56 and its two-hundred day moving average price is $24.35. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. The company has a market cap of $52.03 billion, a PE ratio of 15.37 and a beta of 0.34. Cenovus Energy has a twelve month low of $13.98 and a twelve month high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm had revenue of $10.79 billion for the quarter, compared to analyst estimates of $9.47 billion. During the same period last year, the firm earned $0.47 EPS. The business’s quarterly revenue was up 1.0% compared to the same quarter last year. On average, analysts predict that Cenovus Energy will post 2.91 EPS for the current year.

Hedge Funds Weigh In On Cenovus Energy

Large investors have recently modified their holdings of the business. Financial Management Professionals Inc. purchased a new stake in shares of Cenovus Energy during the 4th quarter valued at approximately $25,000. Transamerica Financial Advisors LLC boosted its holdings in 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 buying an additional 1,433 shares during the period. NBC Securities Inc. grew its stake in Cenovus Energy by 961.5% in the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 1,500 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Cenovus Energy in the fourth quarter valued at $38,000. Finally, Advisory Services Network LLC bought a new stake in shares of Cenovus Energy during the 3rd quarter valued at $50,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Company Profile

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.