Cenovus Energy (NYSE:CVE) Cut to Buy at Wall Street Zen

Key Points

• Wall Street Zen downgraded Cenovus Energy from “strong buy” to “buy,” while the broader analyst consensus remains “Moderate Buy” with a $39.00 target price.
• Cenovus shares opened at $32.40 and were trading down 1.2%; the stock has risen substantially from its 12-month low of $15.63 and is near its $33.40 high.
• The company reported quarterly EPS of $1.11, in line with estimates, while revenue reached $14.59 billion—up 47.9% year over year and above the $11.87 billion consensus forecast.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE was downgraded by equities researchers at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a report issued on Saturday, Wall Street Zen reports.

Several other research analysts have also recently issued reports on CVE. UBS Group cut shares of Cenovus Energy from a "buy" rating to a "hold" rating in a report on Wednesday. Morgan Stanley reiterated an "overweight" rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Zacks Research downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 16th. Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, Royal Bank Of Canada upped their price objective on Cenovus Energy from $47.00 to $51.00 and gave the company an "outperform" rating in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Cenovus Energy has an average rating of "Moderate Buy" and a consensus target price of $39.00.

Cenovus Energy Trading Down 1.2%

Cenovus Energy stock opened at $32.40 on Friday. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The business's fifty day simple moving average is $29.16 and its two-hundred day simple moving average is $27.26. Cenovus Energy has a 12 month low of $15.63 and a 12 month high of $33.40. The company has a market capitalization of $59.69 billion, a price-to-earnings ratio of 12.46 and a beta of 0.35.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate of $1.11. The firm had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company's revenue was up 47.9% on a year-over-year basis. During the same period last year, the company earned $0.45 earnings per share. As a group, equities analysts predict that Cenovus Energy will post 3.2 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Cenovus Energy

A number of large investors have recently added to or reduced their stakes in the stock. Capital Research Global Investors lifted its holdings in shares of Cenovus Energy by 16.6% during the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company's stock valued at $2,103,090,000 after buying an additional 17,730,542 shares during the period. Capital International Investors grew its holdings in shares of Cenovus Energy by 3.9% in the fourth quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company's stock worth $862,505,000 after acquiring an additional 1,903,432 shares during the period. FIL Ltd increased its position in Cenovus Energy by 40.0% during the fourth quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company's stock valued at $651,880,000 after acquiring an additional 11,019,212 shares during the last quarter. Bank of America Corp DE increased its position in Cenovus Energy by 111.2% during the first quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company's stock valued at $604,107,000 after acquiring an additional 11,990,405 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in Cenovus Energy by 5.0% in the fourth quarter. Dimensional Fund Advisors LP now owns 18,018,995 shares of the oil and gas company's stock valued at $304,894,000 after acquiring an additional 855,618 shares during the period. 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.

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