StockNews.com Downgrades Cenovus Energy (NYSE:CVE) to Hold

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by investment analysts at StockNews.com from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.

A number of other research firms also recently weighed in on CVE. Scotiabank reduced their target price on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. BMO Capital Markets dropped their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Price Performance

Shares of NYSE CVE opened at $16.17 on Tuesday. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $29.58 billion, a PE ratio of 11.15 and a beta of 2.05. The stock’s 50 day moving average price is $17.09 and its 200-day moving average price is $18.79. Cenovus Energy has a twelve month low of $14.69 and a twelve month high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, topping the consensus estimate of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $10.25 billion. During the same quarter in the previous year, the firm earned $0.72 earnings per share. The business’s revenue was down 17.9% on a year-over-year basis. On average, equities analysts anticipate that Cenovus Energy will post 1.63 EPS for the current year.

Institutional Investors Weigh In On Cenovus Energy

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. SVB Wealth LLC grew its position in shares of Cenovus Energy by 2.6% in the first quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock valued at $394,000 after purchasing an additional 507 shares in the last quarter. Northwestern Mutual Wealth Management Co. boosted its stake in Cenovus Energy by 8.0% in the 2nd 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 during the period. Cetera Advisors LLC increased its position in shares of Cenovus Energy by 5.2% during the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after buying an additional 801 shares during the period. First Hawaiian Bank increased its position in shares of Cenovus Energy by 1.6% during the second quarter. First Hawaiian Bank now owns 69,273 shares of the oil and gas company’s stock valued at $1,362,000 after buying an additional 1,071 shares during the period. Finally, Envestnet Portfolio Solutions Inc. lifted its holdings in shares of Cenovus Energy by 12.0% in the second quarter. Envestnet Portfolio Solutions Inc. now owns 11,496 shares of the oil and gas company’s stock worth $226,000 after buying an additional 1,229 shares in the last quarter. 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.