Cenovus Energy (NYSE:CVE) Stock Price Expected to Rise, Royal Bank Of Canada Analyst Says

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its target price boosted by Royal Bank Of Canada from $45.00 to $47.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “outperform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s target price would suggest a potential upside of 49.82% from the stock’s current price.

CVE has been the subject of a number of other research reports. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Cenovus Energy in a research report on Tuesday, January 20th. Lake Street Capital set a $36.00 price target on Cenovus Energy in a research note on Wednesday, May 13th. Weiss Ratings upgraded Cenovus Energy from a “hold (c)” rating to a “hold (c+)” rating in a report on Friday, May 8th. Raymond James Financial lowered shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Finally, Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have given a Buy rating and two have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $35.25.

Cenovus Energy Trading Down 0.6%

Shares of Cenovus Energy stock traded down $0.20 during mid-day trading on Tuesday, hitting $31.37. 596,896 shares of the stock were exchanged, compared to its average volume of 13,219,737. The stock has a market capitalization of $58.82 billion, a price-to-earnings ratio of 17.28 and a beta of 0.37. Cenovus Energy has a twelve month low of $12.88 and a twelve month high of $31.79. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. The company has a 50-day simple moving average of $26.38 and a 200 day simple moving average of $21.39.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, topping the consensus estimate of $0.56 by $0.05. The firm had revenue of $10.79 billion during the quarter, compared to analysts’ expectations of $9.47 billion. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. Cenovus Energy’s revenue for the quarter was up 1.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.47 EPS. Research analysts forecast that Cenovus Energy will post 3.01 EPS for the current year.

Hedge Funds Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently modified their holdings of the company. Guardian Partners Inc. increased its position in Cenovus Energy by 9.5% during the 1st quarter. Guardian Partners Inc. now owns 142,162 shares of the oil and gas company’s stock worth $3,760,000 after purchasing an additional 12,358 shares in the last quarter. Amundi lifted its position in Cenovus Energy by 1.4% during the first quarter. Amundi now owns 5,366,196 shares of the oil and gas company’s stock valued at $142,365,000 after buying an additional 71,891 shares in the last quarter. EverSource Wealth Advisors LLC grew its stake in Cenovus Energy by 29.4% during the first quarter. EverSource Wealth Advisors LLC now owns 8,107 shares of the oil and gas company’s stock worth $215,000 after buying an additional 1,843 shares during the period. The Manufacturers Life Insurance Company grew its stake in Cenovus Energy by 13.6% during the first quarter. The Manufacturers Life Insurance Company now owns 17,730,316 shares of the oil and gas company’s stock worth $470,118,000 after buying an additional 2,117,875 shares during the period. Finally, Maverick Capital Ltd. acquired a new stake in shares of Cenovus Energy in the first quarter worth $1,091,000. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Company Profile

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.