Cenovus Energy (NYSE:CVE) Raised to “Buy” at Wall Street Zen

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a report issued on Sunday.

Several other research firms have also issued reports on CVE. Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a research report on Thursday, November 20th. Scotiabank lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Royal Bank Of Canada boosted their price target on Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, November 17th. BMO Capital Markets set a $29.00 target price on shares of Cenovus Energy in a research note on Monday, November 17th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Cenovus Energy in a report on Tuesday, January 27th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and five have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $27.67.

Cenovus Energy Trading Up 2.9%

CVE opened at $21.96 on Friday. The stock has a market capitalization of $41.35 billion, a PE ratio of 18.00 and a beta of 0.48. The firm’s fifty day moving average price is $18.29 and its 200 day moving average price is $17.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.73 and a quick ratio of 1.18. Cenovus Energy has a 12-month low of $10.23 and a 12-month high of $22.20.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Capital Research Global Investors lifted its position in shares of Cenovus Energy by 16.6% in the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock valued at $2,103,090,000 after acquiring an additional 17,730,542 shares in the last quarter. Vanguard Group Inc. raised its stake in Cenovus Energy by 12.8% during the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock valued at $1,074,660,000 after purchasing an additional 7,197,843 shares during the period. Capital International Investors lifted its holdings in shares of Cenovus Energy by 3.9% in the fourth quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock valued at $862,505,000 after purchasing an additional 1,903,432 shares in the last quarter. Mackenzie Financial Corp lifted its holdings in shares of Cenovus Energy by 46.7% in the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after purchasing an additional 9,753,134 shares in the last quarter. Finally, Boston Partners boosted its position in shares of Cenovus Energy by 2.3% in the second quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock worth $365,097,000 after buying an additional 606,042 shares during the period. 51.19% of the stock is owned by hedge funds and other institutional investors.

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.