Cenovus Energy (NYSE:CVE) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Cenovus Energy from a "hold" to a "buy," and the stock has a consensus analyst rating of Buy with a consensus price target of $29.67 (3 Strong Buy, 8 Buy, 3 Hold).
• Cenovus beat EPS estimates in its latest quarter ($0.36 vs. $0.28) but missed on revenue ($9.44B vs. $10.89B), with a reported net margin of 7.92% and return on equity of 13.25%.
• The shares recently traded around $24.49, giving the company a market cap of about $46.0 billion and a PE of 16.01, with a 52‑week range of $11.60 to $27.65.

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

A number of other equities analysts have also commented on the stock. UBS Group reaffirmed a "buy" rating on shares of Cenovus Energy in a research report on Thursday, April 9th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Cenovus Energy in a research report on Friday, February 20th. Royal Bank Of Canada raised their price target on shares of Cenovus Energy from $29.00 to $31.00 and gave the stock an "outperform" rating in a research report on Wednesday, February 18th. Veritas raised shares of Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a research report on Tuesday, March 10th. Finally, TD Securities reaffirmed a "buy" rating on shares of Cenovus Energy in a research report on Friday, February 20th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Buy" and a consensus price target of $29.67.

Cenovus Energy Stock Performance

NYSE CVE opened at $24.49 on Friday. The firm has a 50-day moving average of $24.02 and a 200-day moving average of $19.85. The company has a debt-to-equity ratio of 0.35, a quick ratio of 1.04 and a current ratio of 1.57. The stock has a market cap of $46.02 billion, a PE ratio of 16.01 and a beta of 0.34. Cenovus Energy has a 52-week low of $11.60 and a 52-week high of $27.65.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.28 by $0.08. The company had revenue of $9.44 billion during the quarter, compared to analysts' expectations of $10.89 billion. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. During the same quarter last year, the company posted $0.07 EPS. On average, sell-side analysts anticipate that Cenovus Energy will post 1.49 EPS for the current year.

Hedge Funds Weigh In On Cenovus Energy

Several hedge funds have recently bought and sold shares of CVE. Financial Management Professionals Inc. bought a new position in Cenovus Energy in the 4th quarter valued at about $25,000. Transamerica Financial Advisors LLC grew its holdings 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 purchasing 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 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company's stock valued at $28,000 after purchasing an additional 1,500 shares during the last quarter. Kestra Advisory Services LLC bought a new stake in shares of Cenovus Energy during the 4th quarter valued at approximately $38,000. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Cenovus Energy by 74.1% during the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company's stock valued at $44,000 after purchasing an additional 1,384 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

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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