Cenovus Energy (NYSE:CVE) Stock Rating Upgraded by Zacks Research

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

A number of other equities research analysts have also weighed in on CVE. Royal Bank Of Canada raised their price objective on Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, November 17th. Wall Street Zen upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research note on Saturday, November 8th. National Bank Financial upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 22nd. National Bankshares reissued an “outperform” rating on shares of Cenovus Energy in a report on Wednesday, September 10th. Finally, BMO Capital Markets set a $29.00 target price on shares of Cenovus Energy in a research note on Monday, November 17th. Four research analysts have rated the stock with a Strong Buy rating, seven have assigned a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, Cenovus Energy has a consensus rating of “Buy” and an average price target of $25.67.

Cenovus Energy Stock Performance

Shares of CVE stock opened at $16.98 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.73 and a quick ratio of 1.18. The company’s fifty day moving average price is $17.50 and its two-hundred day moving average price is $16.10. The firm has a market capitalization of $32.09 billion, a P/E ratio of 13.91 and a beta of 0.52. Cenovus Energy has a 12 month low of $10.23 and a 12 month high of $18.75.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.40 by $0.12. Cenovus Energy had a return on equity of 10.73% and a net margin of 6.23%.The company had revenue of $10.87 billion during the quarter, compared to the consensus estimate of $12.51 billion. During the same period last year, the firm earned $0.42 earnings per share. The company’s revenue was down 7.0% on a year-over-year basis. On average, research analysts anticipate that Cenovus Energy will post 1.49 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors and hedge funds have recently bought and sold shares of the business. HighTower Advisors LLC grew its holdings in shares of Cenovus Energy by 35.6% during the first quarter. HighTower Advisors LLC now owns 26,923 shares of the oil and gas company’s stock valued at $375,000 after purchasing an additional 7,065 shares during the last quarter. American Century Companies Inc. boosted its position in Cenovus Energy by 4.3% during the 1st quarter. American Century Companies Inc. now owns 689,299 shares of the oil and gas company’s stock valued at $9,580,000 after purchasing an additional 28,623 shares during the period. Northern Trust Corp boosted its position in Cenovus Energy by 19.0% during the 1st quarter. Northern Trust Corp now owns 1,126,097 shares of the oil and gas company’s stock valued at $15,664,000 after purchasing an additional 179,453 shares during the period. Korea Investment CORP grew its stake in Cenovus Energy by 1.1% during the 1st quarter. Korea Investment CORP now owns 1,534,811 shares of the oil and gas company’s stock worth $21,328,000 after buying an additional 17,043 shares during the last quarter. Finally, Wellington Management Group LLP increased its position in Cenovus Energy by 42.4% in the first quarter. Wellington Management Group LLP now owns 8,518,483 shares of the oil and gas company’s stock worth $118,379,000 after buying an additional 2,536,140 shares during the period. Institutional investors and hedge funds 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.