Cenovus Energy (NYSE:CVE) Raised to "Strong-Buy" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Cenovus Energy to “strong buy” from “buy,” while broader analyst sentiment remains “Moderate Buy,” with one Strong Buy, 11 Buys, and three Holds.
• Cenovus reported quarterly earnings of $1.11 per share, in line with estimates, while revenue rose 47.9% year over year to $14.59 billion, exceeding analyst expectations of $11.87 billion.
• Shares opened at $28.23, near their 52-week high of $32.07, and institutional investors own 51.19% of the company; Royal Bank of Canada also raised its price target to $51 from $47.

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

A number of other brokerages have also recently issued reports on CVE. Royal Bank Of Canada lifted their price objective on shares of Cenovus Energy from $47.00 to $51.00 and gave the company an "outperform" rating in a report on Thursday, July 30th. Scotiabank restated an "outperform" rating on shares of Cenovus Energy in a report on Thursday, July 30th. Desjardins raised shares of Cenovus Energy to a "moderate buy" rating in a research report on Thursday, July 16th. The Goldman Sachs Group reiterated a "buy" rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. Finally, Weiss Ratings lowered Cenovus Energy from a "buy (b-)" rating to a "hold (c+)" rating in a report on Tuesday, July 28th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, Cenovus Energy presently has an average rating of "Moderate Buy" and an average target price of $36.25.

Cenovus Energy Stock Down 0.1%

Shares of Cenovus Energy stock opened at $28.23 on Friday. The stock's 50-day moving average is $27.28 and its 200 day moving average is $25.59. Cenovus Energy has a one year low of $14.49 and a one year high of $32.07. The firm has a market cap of $52.20 billion, a price-to-earnings ratio of 10.86 and a beta of 0.34. 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 released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The company had revenue of $14.59 billion during the quarter, compared to analyst estimates of $11.87 billion. During the same quarter in the previous year, the business posted $0.45 EPS. Cenovus Energy's revenue for the quarter was up 47.9% compared to the same quarter last year. Equities research analysts anticipate that Cenovus Energy will post 3.2 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Financial Management Professionals Inc. bought a new position in Cenovus Energy in the 4th quarter worth about $25,000. Transamerica Financial Advisors LLC boosted its position in shares of Cenovus Energy by 1,302.7% during the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock valued at $26,000 after acquiring an additional 1,433 shares during the last quarter. NBC Securities Inc. grew its holdings in shares of Cenovus Energy by 961.5% during the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company's stock worth $28,000 after purchasing an additional 1,500 shares in the last quarter. Kestra Advisory Services LLC purchased a new position in shares of Cenovus Energy during the fourth quarter worth about $38,000. Finally, Geneos Wealth Management Inc. increased its position in shares of Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company's stock worth $44,000 after purchasing an additional 1,384 shares during the last quarter. Institutional investors own 51.19% of the company's stock.

Cenovus Energy Company Profile

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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