Cenovus Energy (NYSE:CVE) Price Target Raised to C$16.50 at Scotiabank

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its target price increased by stock analysts at Scotiabank from C$14.00 to C$16.50 in a research note issued to investors on Thursday, The Fly reports. The brokerage currently has an “outperform” rating on the oil and gas company’s stock.

CVE has been the subject of a number of other reports. National Bank Financial boosted their target price on shares of Cenovus Energy from C$19.50 to C$20.00 and gave the stock an “outperform” rating in a research note on Monday, July 19th. CIBC boosted their target price on shares of Cenovus Energy from C$16.00 to C$20.00 and gave the stock an “outperform” rating in a research note on Wednesday, July 14th. Credit Suisse Group raised shares of Cenovus Energy from a “neutral” rating to an “outperform” rating and boosted their target price for the stock from $13.00 to $15.00 in a research note on Monday, July 19th. BMO Capital Markets reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Monday, September 27th. Finally, Raymond James boosted their target price on shares of Cenovus Energy from C$13.50 to C$14.00 and gave the stock a “market perform” rating in a research note on Friday, July 30th. One investment analyst has rated the stock with a sell rating, two have given a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $13.89.

Shares of NYSE:CVE traded up $0.42 during midday trading on Thursday, reaching $11.68. 265,301 shares of the company’s stock were exchanged, compared to its average volume of 9,624,174. The company’s 50 day simple moving average is $8.98 and its two-hundred day simple moving average is $8.64. The firm has a market capitalization of $23.56 billion, a PE ratio of -233.60 and a beta of 3.20. Cenovus Energy has a 12 month low of $3.15 and a 12 month high of $11.83. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.71 and a current ratio of 1.20.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, July 28th. The oil and gas company reported $0.11 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.18). The business had revenue of $8.61 billion for the quarter. Cenovus Energy had a negative return on equity of 2.61% and a net margin of 0.43%. On average, research analysts anticipate that Cenovus Energy will post 0.8 earnings per share for the current year.

Several institutional investors have recently added to or reduced their stakes in CVE. Marshall Wace LLP acquired a new position in shares of Cenovus Energy in the first quarter valued at approximately $25,000. BlackRock Inc. boosted its holdings in shares of Cenovus Energy by 184.3% in the first quarter. BlackRock Inc. now owns 2,203,659 shares of the oil and gas company’s stock valued at $16,572,000 after buying an additional 1,428,414 shares during the period. Acadian Asset Management LLC acquired a new position in shares of Cenovus Energy in the first quarter valued at approximately $43,000. Y Intercept Hong Kong Ltd acquired a new position in shares of Cenovus Energy in the first quarter valued at approximately $355,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Cenovus Energy by 12.8% in the first quarter. Geode Capital Management LLC now owns 2,598,489 shares of the oil and gas company’s stock valued at $19,351,000 after buying an additional 295,473 shares during the period. Institutional investors own 49.30% of the company’s stock.

About Cenovus Energy

Cenovus Energy, Inc engages in provision of gas and oil. Its activities include development, production, and marketing of crude oil, natural gas liquids (NGLS), and natural gas in Canada. The firm operates through four segments: Oil Sands, Conventional, Refining & Marketing, and Corporate & Eliminations.

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