Cenovus Energy (NYSE:CVE) Stock Rating Upgraded by Desjardins

Key Points

• Desjardins upgraded Cenovus Energy to a “moderate buy” rating, adding to a generally positive analyst view on the stock.
• The stock has seen several other bullish calls recently, with an average analyst rating of Buy and an average price target of $35.25.
• Cenovus reported better-than-expected quarterly results, including EPS of $0.61 versus the $0.56 estimate and revenue of $10.79 billion versus $9.47 billion expected.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE was upgraded by stock analysts at Desjardins to a "moderate buy" rating in a report released on Thursday,Zacks.com reports.

CVE has been the topic of several other reports. Royal Bank Of Canada upped their target price on Cenovus Energy from $45.00 to $47.00 and gave the company an "outperform" rating in a report on Tuesday, May 19th. Weiss Ratings upgraded shares of Cenovus Energy from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, July 7th. The Goldman Sachs Group restated a "buy" rating on shares of Cenovus Energy in a research report on Wednesday, May 13th. Lake Street Capital set a $36.00 price target on shares of Cenovus Energy in a research report on Wednesday, May 13th. Finally, Scotiabank raised shares of Cenovus Energy to a "strong-buy" rating in a research note on Friday, June 26th. 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.com, the company presently has an average rating of "Buy" and an average price target of $35.25.

Cenovus Energy Stock Up 2.7%

Shares of CVE opened at $27.97 on Thursday. The company has a market capitalization of $52.03 billion, a PE ratio of 15.37 and a beta of 0.34. Cenovus Energy has a 12 month low of $13.98 and a 12 month high of $32.07. The stock's 50-day moving average price is $27.56 and its two-hundred day moving average price is $24.35. The company has a current ratio of 1.57, a quick ratio of 1.00 and a debt-to-equity ratio of 0.33.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last issued its quarterly earnings results 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 return on equity of 15.29% and a net margin of 9.53%.The company had revenue of $10.79 billion during the quarter, compared to analysts' expectations of $9.47 billion. During the same quarter in the prior year, the firm posted $0.47 earnings per share. The business's quarterly revenue was up 1.0% on a year-over-year basis. On average, analysts anticipate that Cenovus Energy will post 2.91 EPS for the current year.

Institutional Investors Weigh In On Cenovus Energy

Large investors have recently added to or reduced their stakes in the business. Financial Management Professionals Inc. acquired a new position in Cenovus Energy in the fourth quarter valued at approximately $25,000. Transamerica Financial Advisors LLC grew 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 worth $26,000 after buying an additional 1,433 shares during the period. NBC Securities Inc. grew its position in shares of Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company's stock worth $28,000 after buying an additional 1,500 shares during the period. Kestra Advisory Services LLC bought a new stake in shares of Cenovus Energy in the 4th quarter valued at $38,000. Finally, Advisory Services Network LLC bought a new stake in shares of Cenovus Energy in the 3rd quarter valued at $50,000. Institutional investors and hedge funds 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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