Cenovus Energy (NYSE:CVE) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Cenovus Energy from “buy” to “strong-buy,” while broader analyst coverage remains favorable with an average “Buy” rating and a consensus price target of $39.00.
• Cenovus reported quarterly earnings of $1.11 per share, matching estimates, while revenue surged 47.9% year over year to $14.59 billion.
• Institutional ownership stands at 51.19%, with major investors including Bank of America, GQG Partners, Connor Clark & Lunn, and the Canada Pension Plan Investment Board increasing or initiating positions.

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

Other equities research analysts have also recently issued reports about the stock. Scotiabank restated an "outperform" rating on shares of Cenovus Energy in a research report on Thursday, July 30th. UBS Group downgraded Cenovus Energy from a "buy" rating to a "hold" rating in a report on Wednesday, September 2nd. Morgan Stanley reaffirmed an "overweight" rating on shares of Cenovus Energy in a research note on Wednesday, August 19th. Raymond James Financial reiterated an "outperform" rating on shares of Cenovus Energy in a research note on Wednesday, September 16th. Finally, Canadian Imperial Bank of Commerce reiterated an "outperform" rating on shares of Cenovus Energy in a research note on Thursday, August 27th. 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's stock. According to MarketBeat, Cenovus Energy currently has an average rating of "Buy" and a consensus price target of $39.00.

Cenovus Energy Price Performance

NYSE CVE opened at $31.36 on Friday. Cenovus Energy has a 1 year low of $15.63 and a 1 year high of $34.16. The company has a market cap of $57.14 billion, a price-to-earnings ratio of 12.06 and a beta of 0.46. The stock's fifty day moving average price is $31.56 and its 200 day moving average price is $28.84. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm had revenue of $14.59 billion for the quarter, compared to the consensus estimate of $11.87 billion. During the same period last year, the firm posted $0.45 earnings per share. The company's revenue for the quarter was up 47.9% on a year-over-year basis. As a group, equities research analysts forecast that Cenovus Energy will post 4.06 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CVE. Bank of America Corp DE raised 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 worth $604,107,000 after acquiring an additional 11,990,405 shares during the last quarter. The Manufacturers Life Insurance Company increased its stake in shares of Cenovus Energy by 13.6% during the 1st quarter. The Manufacturers Life Insurance Company now owns 17,730,316 shares of the oil and gas company's stock worth $470,118,000 after purchasing an additional 2,117,875 shares in the last quarter. GQG Partners LLC acquired a new position in shares of Cenovus Energy during the 2nd quarter worth approximately $411,552,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Cenovus Energy during the 2nd quarter worth approximately $355,752,000. Finally, Canada Pension Plan Investment Board purchased a new stake in Cenovus Energy in the 2nd quarter valued at approximately $261,811,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

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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