Cenovus Energy (NYSE:CVE) Receives Hold (C-) Rating from Weiss Ratings

Key Points

• Cenovus Energy has received a "hold (C-)" rating from Weiss Ratings, which follows other recent ratings including upgrades from "sell" to "hold" and from "hold" to "strong-buy" by various analysts.
• The company's latest quarterly earnings showed an EPS of $0.33, exceeding analysts' expectations, despite a 12.6% decline in revenue year-over-year.
• Institutional investors currently hold over 51% of Cenovus Energy's stock, with notable increases in stakes from firms like Vanguard Group and Dimensional Fund Advisors.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE's stock had its "hold (c-)" rating restated by stock analysts at Weiss Ratings in a research report issued to clients and investors on Wednesday,Weiss Ratings reports.

CVE has been the topic of a number of other research reports. Wall Street Zen upgraded Cenovus Energy from a "sell" rating to a "hold" rating in a research report on Sunday, August 3rd. UBS Group reiterated a "buy" rating on shares of Cenovus Energy in a research report on Monday, August 25th. National Bank Financial upgraded Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, August 22nd. Royal Bank Of Canada raised their price objective on Cenovus Energy from $25.00 to $26.00 and gave the company an "outperform" rating in a research report on Friday, August 1st. Finally, TD Securities reissued a "buy" rating on shares of Cenovus Energy in a report on Tuesday, September 30th. Two analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating and two have given a Hold rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $23.33.

Cenovus Energy Price Performance

Cenovus Energy stock traded up $0.30 during trading hours on Wednesday, hitting $17.71. 23,247,354 shares of the company traded hands, compared to its average volume of 26,929,350. Cenovus Energy has a 1-year low of $10.23 and a 1-year high of $18.17. The firm's 50-day simple moving average is $16.34 and its two-hundred day simple moving average is $14.39. The firm has a market cap of $31.65 billion, a P/E ratio of 17.53 and a beta of 0.92. The company has a quick ratio of 0.78, a current ratio of 1.32 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings results on Thursday, July 31st. The oil and gas company reported $0.33 EPS for the quarter, beating analysts' consensus estimates of $0.14 by $0.19. The company had revenue of $10.66 billion for the quarter, compared to analyst estimates of $10.64 billion. Cenovus Energy had a net margin of 5.18% and a return on equity of 9.06%. The company's quarterly revenue was down 12.6% compared to the same quarter last year. During the same quarter last year, the firm posted $0.62 earnings per share. As a group, analysts forecast that Cenovus Energy will post 1.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. grew its stake in Cenovus Energy by 8.8% in the 1st quarter. Vanguard Group Inc. now owns 54,483,601 shares of the oil and gas company's stock valued at $757,213,000 after buying an additional 4,401,045 shares during the last quarter. Boston Partners boosted its stake in shares of Cenovus Energy by 2.3% in the 2nd quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company's stock valued at $365,097,000 after purchasing an additional 606,042 shares in the last quarter. Mackenzie Financial Corp increased its stake in shares of Cenovus Energy by 7.2% in the 2nd quarter. Mackenzie Financial Corp now owns 20,890,672 shares of the oil and gas company's stock valued at $284,447,000 after acquiring an additional 1,409,439 shares in the last quarter. Smead Capital Management Inc. grew its position in Cenovus Energy by 13.3% during the second quarter. Smead Capital Management Inc. now owns 17,552,075 shares of the oil and gas company's stock valued at $238,999,000 after buying an additional 2,056,163 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Cenovus Energy by 33.6% in the first quarter. Dimensional Fund Advisors LP now owns 17,363,386 shares of the oil and gas company's stock worth $241,513,000 after buying an additional 4,362,384 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.

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