Cenovus Energy (NYSE:CVE) Rating Increased to Strong-Buy at Veritas

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by research analysts at Veritas from a “strong sell” rating to a “strong-buy” rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other research analysts have also issued reports about the stock. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research report on Thursday, November 20th. TD Securities reissued a “buy” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Zacks Research cut Cenovus Energy from a “hold” rating to a “strong sell” rating in a research note on Friday, February 20th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Cenovus Energy in a research note on Tuesday, January 20th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating and issued a $22.00 target price on shares of Cenovus Energy in a research note on Monday, February 2nd. Three analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Cenovus Energy currently has an average rating of “Moderate Buy” and an average price target of $27.33.

Cenovus Energy Stock Down 0.8%

CVE opened at $22.63 on Tuesday. The company has a fifty day moving average price of $20.02 and a 200-day moving average price of $18.23. The firm has a market capitalization of $42.55 billion, a P/E ratio of 14.79 and a beta of 0.43. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04. Cenovus Energy has a one year low of $10.23 and a one year high of $23.89.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 EPS for the quarter, topping the consensus estimate of $0.28 by $0.08. The business had revenue of $9.44 billion during the quarter, compared to analysts’ expectations of $10.89 billion. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.During the same period in the previous year, the business earned $0.07 earnings per share. Equities research analysts expect that Cenovus Energy will post 1.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CVE. Financial Management Professionals Inc. bought a new stake in shares of Cenovus Energy during the 4th quarter valued at $25,000. Transamerica Financial Advisors LLC lifted its stake in Cenovus Energy by 1,302.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 1,433 shares during the period. NBC Securities Inc. boosted its holdings in shares of Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 1,500 shares during the last quarter. Atlantic Union Bankshares Corp purchased a new stake in shares of Cenovus Energy during the 2nd quarter valued at about $27,000. Finally, Kestra Advisory Services LLC bought a new stake in shares of Cenovus Energy in the fourth quarter worth approximately $38,000. Institutional investors own 51.19% of the company’s stock.

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.