Cenovus Energy (NYSE:CVE) Rating Lowered to “Hold” at Wall Street Zen

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a research note issued to investors on Saturday.

A number of other analysts also recently commented on the company. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research report on Thursday, November 20th. Scotiabank downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Zacks Research cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 22nd. BMO Capital Markets set a $29.00 price target on shares of Cenovus Energy in a report on Monday, November 17th. Finally, JPMorgan Chase & Co. restated a “neutral” rating on shares of Cenovus Energy in a research report on Tuesday, January 20th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $27.67.

Cenovus Energy Trading Up 4.5%

NYSE:CVE opened at $20.60 on Friday. Cenovus Energy has a 52 week low of $10.23 and a 52 week high of $20.72. The firm has a 50-day moving average price of $17.86 and a two-hundred day moving average price of $17.10. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.18 and a current ratio of 1.73. The firm has a market cap of $38.80 billion, a price-to-earnings ratio of 16.89 and a beta of 0.48.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CVE. Financial Management Professionals Inc. purchased a new stake in shares of Cenovus Energy during the fourth quarter worth $25,000. Atlantic Union Bankshares Corp bought a new stake in shares of Cenovus Energy during the 2nd quarter valued at $27,000. NBC Securities Inc. raised its stake in shares of Cenovus Energy by 961.5% during the 4th 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. Allworth Financial LP lifted its holdings in Cenovus Energy by 104.3% during the 2nd 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 in the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 1,384 shares during the period. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

About Cenovus Energy

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.