Cenovus Energy (NYSE:CVE) Stock Rating Upgraded by The Goldman Sachs Group

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by The Goldman Sachs Group to a “strong-buy” rating in a research note issued to investors on Friday,Zacks.com reports.

A number of other equities analysts have also recently commented on the company. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a report on Thursday, November 20th. BMO Capital Markets set a $29.00 price objective on shares of Cenovus Energy in a research note on Monday, November 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cenovus Energy in a research note on Thursday, October 30th. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a research report on Monday, November 17th. Finally, Raymond James Financial upgraded shares of Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, October 9th. Five research analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and two have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $27.00.

Cenovus Energy Stock Up 3.5%

Cenovus Energy stock opened at $17.51 on Friday. The company has a market capitalization of $32.98 billion, a PE ratio of 14.35 and a beta of 0.49. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.18 and a current ratio of 1.73. Cenovus Energy has a fifty-two week low of $10.23 and a fifty-two week high of $18.75. The firm has a 50 day moving average price of $17.43 and a 200 day moving average price of $16.33.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.52 EPS for the quarter, topping 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 business had revenue of $10.87 billion during the quarter, compared to analyst estimates of $12.51 billion. During the same period last year, the business posted $0.42 earnings per share. The company’s quarterly revenue was down 7.0% on a year-over-year basis. Research analysts expect that Cenovus Energy will post 1.49 earnings per share for the current year.

Institutional Investors Weigh In On Cenovus Energy

Several institutional investors have recently modified their holdings of CVE. Capital Research Global Investors increased its holdings in Cenovus Energy by 291.3% in the third quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock valued at $1,809,758,000 after buying an additional 79,345,506 shares during the last quarter. Vanguard Group Inc. increased its holdings in shares of Cenovus Energy by 0.6% in the 3rd quarter. Vanguard Group Inc. now owns 56,327,634 shares of the oil and gas company’s stock valued at $956,387,000 after acquiring an additional 354,241 shares during the last quarter. Mackenzie Financial Corp raised its position in shares of Cenovus Energy by 46.7% during the 3rd quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock worth $520,196,000 after acquiring an additional 9,753,134 shares in the last quarter. Boston Partners lifted its stake in Cenovus Energy by 2.3% during the second quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock worth $365,097,000 after purchasing an additional 606,042 shares during the last quarter. Finally, Smead Capital Management Inc. lifted its stake in Cenovus Energy by 13.3% during the second quarter. Smead Capital Management Inc. now owns 17,552,075 shares of the oil and gas company’s stock worth $238,999,000 after purchasing an additional 2,056,163 shares during the last quarter. 51.19% of the stock is 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.