Cenovus Energy (NYSE:CVE) Upgraded by Wall Street Zen to Strong-Buy Rating

Key Points

• Wall Street Zen upgraded Cenovus Energy from “buy” to “strong-buy.” Overall, analysts have a “Moderate Buy” consensus rating and an average price target of $39.00.
• Cenovus reported quarterly EPS of $1.11, matching estimates, while revenue reached $14.59 billion—47.9% higher year over year and above the $11.87 billion consensus forecast.
• The stock opened at $33.08, near its 12-month high of $34.16, with a $60.94 billion market capitalization; institutional investors own 51.19% of outstanding shares.

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

Other equities research analysts have also recently issued research reports about the stock. Scotiabank reissued an "outperform" rating on shares of Cenovus Energy in a research report on Thursday, July 30th. UBS Group cut shares of Cenovus Energy from a "buy" rating to a "hold" rating in a research report on Wednesday, September 2nd. Zacks Research downgraded shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 16th. 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, Desjardins raised Cenovus Energy to a "moderate buy" rating in a research note on Thursday, July 16th. One investment analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Cenovus Energy has a consensus rating of "Moderate Buy" and a consensus target price of $39.00.

Cenovus Energy Stock Down 0.8%

Shares of NYSE:CVE opened at $33.08 on Friday. The stock has a market capitalization of $60.94 billion, a P/E ratio of 12.72 and a beta of 0.35. The stock's 50-day moving average price is $30.00 and its 200-day moving average price is $27.63. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. Cenovus Energy has a 12-month low of $15.63 and a 12-month high of $34.16.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting analysts' consensus estimates of $1.11. The company 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%.Cenovus Energy's revenue for the quarter was up 47.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.45 EPS. On average, equities analysts anticipate that Cenovus Energy will post 3.57 earnings per share for the current year.

Institutional Trading of Cenovus Energy

Several large investors have recently bought and sold shares of CVE. Capital Research Global Investors boosted its position in shares of Cenovus Energy by 16.6% during the fourth 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 purchasing an additional 17,730,542 shares in the last quarter. Capital International Investors grew its position in shares of Cenovus Energy by 3.9% in the 4th quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company's stock worth $862,505,000 after buying an additional 1,903,432 shares during the period. FIL Ltd increased its stake in shares of Cenovus Energy by 40.0% in the 4th quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company's stock worth $651,880,000 after acquiring an additional 11,019,212 shares in the last quarter. Bank of America Corp DE increased its stake in shares of Cenovus Energy by 111.2% in the 1st 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 in the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Cenovus Energy by 5.0% during the 4th 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. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Company Profile

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.

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.