Cenovus Energy (NYSE:CVE) Reaches New 1-Year High – Here’s Why

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) shares hit a new 52-week high during trading on Thursday . The stock traded as high as $22.11 and last traded at $22.0190, with a volume of 15435019 shares changing hands. The stock had previously closed at $21.22.

Wall Street Analysts Forecast Growth

CVE has been the subject of several research analyst reports. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research note on Thursday, November 20th. JPMorgan Chase & Co. restated a “neutral” rating on shares of Cenovus Energy in a research report on Tuesday, January 20th. TD Securities reiterated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, December 3rd. Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a research note on Tuesday, January 27th. Finally, BMO Capital Markets set a $29.00 price target on shares of Cenovus Energy in a research report on Monday, November 17th. One investment analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and a consensus price target of $27.67.

Cenovus Energy Stock Up 3.8%

The stock has a market capitalization of $41.47 billion, a price-to-earnings ratio of 18.05 and a beta of 0.48. The company has a quick ratio of 1.18, a current ratio of 1.73 and a debt-to-equity ratio of 0.25. The business’s 50-day moving average is $18.07 and its two-hundred day moving average is $17.23.

Institutional Investors Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Financial Management Professionals Inc. acquired a new position in Cenovus Energy during the fourth quarter worth $25,000. NBC Securities Inc. grew its holdings in shares of Cenovus Energy by 961.5% in the fourth 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 during the period. Atlantic Union Bankshares Corp acquired a new stake in Cenovus Energy during the second quarter worth about $27,000. Allworth Financial LP increased its position in Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 1,168 shares during the last quarter. Finally, Advisory Services Network LLC purchased a new position in Cenovus Energy during the third quarter worth about $50,000. Institutional investors and hedge funds 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.