Cenovus Energy (NYSE:CVE) Stock Rating Lowered by Zacks Research

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by research analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

CVE has been the subject of a number of other reports. The Goldman Sachs Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a research report on Thursday, April 9th. Weiss Ratings upgraded shares of Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Monday, June 1st. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a research report on Wednesday, May 13th. Finally, Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 9th. One equities research analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Cenovus Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $35.25.

Cenovus Energy Stock Down 2.6%

NYSE CVE opened at $25.57 on Tuesday. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33. Cenovus Energy has a 1-year low of $13.47 and a 1-year high of $32.07. The company has a 50 day moving average of $28.05 and a 200-day moving average of $23.11. The company has a market cap of $47.82 billion, a price-to-earnings ratio of 14.05 and a beta of 0.34.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The company had revenue of $10.79 billion during the quarter, compared to the consensus estimate of $9.47 billion. During the same period in the previous year, the business earned $0.47 earnings per share. The firm’s quarterly revenue was up 1.0% on a year-over-year basis. On average, equities research analysts expect that Cenovus Energy will post 3.15 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CVE. Financial Management Professionals Inc. bought a new position in Cenovus Energy in the fourth quarter valued at approximately $25,000. Transamerica Financial Advisors LLC increased its stake in Cenovus Energy by 1,302.7% in the fourth 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 last quarter. NBC Securities Inc. increased its stake 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 valued at $28,000 after acquiring an additional 1,500 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Cenovus Energy during the fourth quarter worth $38,000. Finally, Geneos Wealth Management Inc. increased its holdings in shares of Cenovus Energy by 74.1% during the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after buying an additional 1,384 shares in the last quarter. 51.19% of the stock is owned by institutional investors.

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.