Cenovus Energy (NYSE:CVE) Stock Moved Down to "Buy" by Wall Street Zen

Key Points

• Wall Street Zen downgraded Cenovus Energy from “strong buy” to “buy,” though the broader analyst consensus remains “buy,” with an average price target of $39.00.
• Cenovus reported quarterly EPS of $1.11, in line with estimates, while revenue reached $14.59 billion—up 47.9% year over year and well above analyst expectations.
• The stock opened at $32.40, near its 12-month high of $34.16, with a $59.04 billion market capitalization; institutional investors own approximately 51.19% of shares.

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

A number of other research analysts have also weighed in on CVE. JPMorgan Chase & Co. raised shares of Cenovus Energy from a "neutral" rating to an "overweight" rating in a report on Tuesday, September 8th. Morgan Stanley reiterated an "overweight" rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. Gerdes Energy Research raised shares of Cenovus Energy from a "neutral" rating to a "buy" rating and set a $50.00 price objective for the company in a research note on Wednesday, September 2nd. Weiss Ratings upgraded shares of Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, August 11th. Finally, Zacks Research upgraded shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a research report on Monday, September 28th. Two research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and an average target price of $39.00.

Cenovus Energy Price Performance

NYSE:CVE 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 company has a market capitalization of $59.04 billion, a P/E ratio of 12.46 and a beta of 0.46. Cenovus Energy has a 12 month low of $15.63 and a 12 month high of $34.16. The business's 50-day moving average is $31.34 and its 200 day moving average is $28.60.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting 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 during the quarter, compared to analyst estimates of $11.87 billion. During the same period in the prior year, the company earned $0.45 earnings per share. The firm's revenue was up 47.9% on a year-over-year basis. On average, equities research analysts forecast that Cenovus Energy will post 3.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cenovus Energy

A number of large investors have recently made changes to their positions in the company. Versant Capital Management Inc grew its holdings in Cenovus Energy by 990.9% during the 3rd quarter. Versant Capital Management Inc now owns 1,080 shares of the oil and gas company's stock valued at $34,000 after purchasing an additional 981 shares during the last quarter. Core Capital Management & Research inc. purchased a new position in shares of Cenovus Energy during the second quarter valued at approximately $496,000. Sequoia Financial Advisors LLC boosted its position in shares of Cenovus Energy by 11.0% during the second quarter. Sequoia Financial Advisors LLC now owns 46,542 shares of the oil and gas company's stock valued at $1,155,000 after buying an additional 4,611 shares during the period. Cidel Asset Management Inc. purchased a new position in shares of Cenovus Energy during the second quarter valued at approximately $14,630,000. Finally, Integrated Wealth Concepts LLC grew its stake in shares of Cenovus Energy by 8.2% during the second quarter. Integrated Wealth Concepts LLC now owns 27,930 shares of the oil and gas company's stock valued at $693,000 after buying an additional 2,109 shares during the last quarter. 51.19% of the stock is owned by hedge funds and other institutional investors.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.