Cenovus Energy (NYSE:CVE) Lowered to "Buy" Rating by Wall Street Zen

Key Points

• Wall Street Zen downgraded Cenovus Energy from a “strong-buy” to a “buy” rating, even as the broader analyst community still views the stock favorably.
• Other firms have recently been mixed-to-positive on the stock, with ratings and targets including RBC’s higher $47 price objective and Scotiabank’s upgrade to “strong-buy.” Overall, Cenovus carries a consensus Buy rating and an average price target of $35.25.
• The company reported strong quarterly results, beating earnings and revenue estimates with EPS of $0.61 on $10.79 billion in revenue. Shares were down 1.5% on the session, but Cenovus still trades above key moving averages and near its 52-week high.

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 research note issued on Saturday.

A number of other brokerages have also weighed in on CVE. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a report on Wednesday, May 13th. Royal Bank Of Canada upped their price objective on Cenovus Energy from $45.00 to $47.00 and gave the stock an "outperform" rating in a report on Tuesday, May 19th. The Goldman Sachs Group reiterated a "buy" rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Scotiabank raised Cenovus Energy to a "strong-buy" rating in a research note on Friday, June 26th. Finally, Raymond James Financial downgraded Cenovus Energy from a "strong-buy" rating to an "outperform" rating in a research report on Wednesday, May 6th. Two investment analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $35.25.

Cenovus Energy Stock Down 1.5%

Shares of NYSE CVE opened at $29.26 on Friday. The firm's 50-day simple moving average is $27.46 and its 200 day simple moving average is $24.77. The company has a market cap of $54.45 billion, a price-to-earnings ratio of 16.08 and a beta of 0.34. The company has a quick ratio of 1.00, a current ratio of 1.57 and a debt-to-equity ratio of 0.33. Cenovus Energy has a 12-month low of $14.31 and a 12-month high of $32.07.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.05. Cenovus Energy had a net margin of 9.53% and a return on equity of 15.29%. The firm had revenue of $10.79 billion during the quarter, compared to analysts' expectations of $9.47 billion. During the same quarter last year, the company posted $0.47 EPS. The company's quarterly revenue was up 1.0% compared to the same quarter last year. On average, research analysts expect that Cenovus Energy will post 3.02 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Financial Management Professionals Inc. acquired a new stake in shares of Cenovus Energy during the fourth quarter worth $25,000. Transamerica Financial Advisors LLC lifted its stake in Cenovus Energy by 1,302.7% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock valued at $26,000 after buying an additional 1,433 shares during the period. NBC Securities Inc. lifted its stake in Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company's stock valued at $28,000 after buying an additional 1,500 shares during the period. Kestra Advisory Services LLC bought a new position in Cenovus Energy during the fourth quarter worth about $38,000. Finally, Advisory Services Network LLC bought a new position in Cenovus Energy during the third quarter worth about $50,000. Institutional investors and hedge funds own 51.19% of the company's stock.

About Cenovus Energy

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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