Cenovus Energy (NYSE:CVE) Stock Lifted to "Strong-Buy" by Zacks Research

Key Points

• Zacks Research upgraded Cenovus Energy from “hold” to “strong buy,” while the broader analyst consensus remains “buy,” with an average price target of $39.00.
• Cenovus reported quarterly EPS of $1.11, matching estimates, while revenue reached $14.59 billion—up 47.9% year over year and well above the $11.87 billion consensus forecast.
• The stock opened at $30.98, with a $57.09 billion market capitalization and a 12-month trading range of $15.63 to $34.16; institutional investors and hedge funds own 51.19% of its shares.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE was upgraded by analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued on Monday, Zacks reports.

A number of other equities research analysts have also recently weighed in on CVE. Canadian Imperial Bank of Commerce restated an "outperform" rating on shares of Cenovus Energy in a research note on Thursday, August 27th. Raymond James Financial reiterated an "outperform" rating on shares of Cenovus Energy in a research report on Wednesday, September 16th. JPMorgan Chase & Co. raised shares of Cenovus Energy from a "neutral" rating to an "overweight" rating in a research note on Tuesday, September 8th. Scotiabank restated an "outperform" rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Finally, Gerdes Energy Research raised shares of Cenovus Energy from a "neutral" rating to a "buy" rating and set a $50.00 price target for the company in a research note on Wednesday, September 2nd. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Buy" and an average target price of $39.00.

Cenovus Energy Stock Performance

CVE opened at $30.98 on Monday. 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 50 day moving average is $31.20 and its 200-day moving average is $28.46. The stock has a market cap of $57.09 billion, a PE ratio of 11.92 and a beta of 0.35. Cenovus Energy has a twelve month low of $15.63 and a twelve month high of $34.16.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share (EPS) for the quarter, hitting analysts' consensus estimates of $1.11. The business had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The business's revenue for the quarter was up 47.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.45 EPS. On average, analysts predict that Cenovus Energy will post 3.57 earnings per share for the current year.

Hedge Funds Weigh In On Cenovus Energy

Several hedge funds have recently made changes to their positions in the business. Orion Capital Management LLC acquired a new stake in Cenovus Energy during the second quarter valued at approximately $25,000. Gables Capital Management Inc. acquired a new position in Cenovus Energy in the second quarter worth approximately $35,000. Allworth Financial LP bought a new position in shares of Cenovus Energy in the second quarter valued at $68,000. Global Retirement Partners LLC acquired a new stake in shares of Cenovus Energy during the 2nd quarter valued at $83,000. Finally, Aberdeen Wealth Management LLC bought a new stake in shares of Cenovus Energy during the 2nd quarter worth $100,000. Institutional investors and hedge funds own 51.19% of the company's stock.

Cenovus Energy Company Profile

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.

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