Cenovus Energy (NYSE:CVE) Sets New 12-Month High – Should You Buy?

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)’s share price hit a new 52-week high during trading on Thursday . The company traded as high as $22.11 and last traded at $22.0190, with a volume of 15435019 shares trading hands. The stock had previously closed at $21.22.

Analyst Ratings Changes

CVE has been the topic of several recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Cenovus Energy in a report on Tuesday, January 27th. The Goldman Sachs Group reiterated a “buy” rating and issued a $22.00 target price on shares of Cenovus Energy in a report on Monday, February 2nd. Royal Bank Of Canada lifted 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. Wall Street Zen downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a report on Saturday, February 7th. Finally, Scotiabank lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. One equities research analyst has 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 company presently has a consensus rating of “Moderate Buy” and a consensus target price of $27.67.

Cenovus Energy Trading Up 2.9%

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 capitalization of $41.35 billion, a P/E ratio of 18.00 and a beta of 0.48. The firm has a 50 day simple moving average of $18.20 and a two-hundred day simple moving average of $17.30.

Institutional Investors Weigh In On Cenovus Energy

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Financial Management Professionals Inc. purchased a new position in shares of Cenovus Energy in the 4th quarter worth approximately $25,000. Transamerica Financial Advisors LLC lifted its holdings in Cenovus Energy by 1,302.7% during the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock worth $26,000 after acquiring an additional 1,433 shares during the period. Atlantic Union Bankshares Corp bought a new stake in Cenovus Energy during the second quarter worth $27,000. NBC Securities Inc. boosted its position in Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 1,500 shares during the last quarter. Finally, Allworth Financial LP grew its stake in Cenovus Energy by 104.3% in the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 1,168 shares during the period. Hedge funds and other institutional investors own 51.19% of the company’s stock.

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.