Cenovus Energy (NYSE:CVE) Upgraded to “Outperform” at CIBC

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Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by research analysts at CIBC from a “neutral” rating to an “outperform” rating in a research report issued to clients and investors on Thursday, The Fly reports.

Other research analysts have also issued research reports about the company. Goldman Sachs Group raised their price objective on MEG Energy from C$6.00 to C$7.00 in a research report on Tuesday, April 16th. GMP Securities restated a “buy” rating and set a $17.50 price objective on shares of Cenovus Energy in a research report on Thursday, April 25th. Finally, ValuEngine lowered China Southern Airlines from a “hold” rating to a “sell” rating in a research report on Monday, April 29th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have given a buy rating to the company’s stock. Cenovus Energy currently has a consensus rating of “Hold” and an average target price of $13.41.

Shares of Cenovus Energy stock opened at $9.51 on Thursday. The stock has a market capitalization of $11.45 billion, a price-to-earnings ratio of -5.47, a price-to-earnings-growth ratio of 2.87 and a beta of 0.97. The firm’s 50-day moving average price is $8.75. The company has a current ratio of 1.10, a quick ratio of 0.65 and a debt-to-equity ratio of 0.52. Cenovus Energy has a twelve month low of $6.15 and a twelve month high of $10.65.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Wednesday, April 24th. The oil and gas company reported $0.05 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.08). The firm had revenue of $3.91 billion for the quarter, compared to analysts’ expectations of $3.75 billion. Cenovus Energy had a negative net margin of 8.68% and a negative return on equity of 11.69%. During the same quarter in the previous year, the business earned ($0.74) EPS. Sell-side analysts forecast that Cenovus Energy will post 0.55 earnings per share for the current fiscal year.

Several large investors have recently made changes to their positions in the stock. TD Asset Management Inc. lifted its holdings in shares of Cenovus Energy by 5.5% in the 1st quarter. TD Asset Management Inc. now owns 41,466,654 shares of the oil and gas company’s stock valued at $360,058,000 after acquiring an additional 2,147,335 shares during the last quarter. First Eagle Investment Management LLC lifted its holdings in shares of Cenovus Energy by 20.3% in the 1st quarter. First Eagle Investment Management LLC now owns 26,109,212 shares of the oil and gas company’s stock valued at $226,628,000 after acquiring an additional 4,408,987 shares during the last quarter. FIL Ltd lifted its holdings in shares of Cenovus Energy by 8.0% in the 1st quarter. FIL Ltd now owns 16,536,490 shares of the oil and gas company’s stock valued at $143,543,000 after acquiring an additional 1,230,063 shares during the last quarter. Toronto Dominion Bank lifted its holdings in shares of Cenovus Energy by 86.7% in the 1st quarter. Toronto Dominion Bank now owns 10,561,430 shares of the oil and gas company’s stock valued at $91,668,000 after acquiring an additional 4,906,038 shares during the last quarter. Finally, Norges Bank bought a new position in shares of Cenovus Energy in the 4th quarter valued at about $58,839,000. 76.08% of the stock is owned by hedge funds and other institutional investors.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as other projects in the early stages of development, such as Telephone Lake.

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