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

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

A number of other research analysts also recently issued reports on CVE. Canadian Imperial Bank of Commerce reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, August 27th. Desjardins upgraded Cenovus Energy to a “moderate buy” rating in a report on Thursday, July 16th. Gerdes Energy Research upgraded Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 target price on the stock in a research note on Wednesday, September 2nd. Wall Street Zen upgraded shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research note on Sunday, September 13th. Finally, Raymond James Financial reissued an “outperform” rating on shares of Cenovus Energy in a report on Wednesday, September 16th. Two analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $39.00.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $30.98 on Monday. The stock has a market cap of $57.09 billion, a price-to-earnings ratio of 11.92 and a beta of 0.35. The company’s fifty day moving average is $31.20 and its 200 day moving average is $28.46. The company has a quick ratio of 1.04, a current ratio of 1.63 and a debt-to-equity ratio of 0.25. Cenovus Energy has a twelve month low of $15.63 and a twelve month high of $34.16.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, hitting analysts’ consensus estimates of $1.11. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. During the same period in the previous year, the firm earned $0.45 earnings per share. The firm’s quarterly revenue was up 47.9% on a year-over-year basis. Sell-side analysts forecast that Cenovus Energy will post 3.57 EPS for the current year.

Institutional Investors Weigh In On Cenovus Energy

A number of large investors have recently added to or reduced their stakes in CVE. Orion Capital Management LLC purchased a new position in shares of Cenovus Energy during the second quarter worth approximately $25,000. Gables Capital Management Inc. bought a new position in Cenovus Energy during the 2nd quarter valued at approximately $35,000. Allworth Financial LP purchased a new stake in Cenovus Energy in the second quarter worth $68,000. Global Retirement Partners LLC purchased a new position in shares of Cenovus Energy during the second quarter valued at about $83,000. Finally, Aberdeen Wealth Management LLC bought a new position in shares of Cenovus Energy in the 2nd quarter worth approximately $100,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids, with a significant focus on oil sands operations in Alberta. Its upstream activities include oil sands mining and in situ production, conventional oil and gas production, and the upgrading of heavy crude into synthetic crude oil.

Cenovus also operates in the downstream energy sector through crude oil refining, petroleum upgrading, marketing and distribution.