Cenovus Energy (NYSE:CVE) Upgraded at Wall Street Zen

Key Points

• Wall Street Zen upgraded Cenovus Energy from a “buy” to a “strong-buy” rating, adding to a broadly positive analyst outlook on the stock.
• Other analysts are also mostly bullish: the company has two Strong Buy ratings, ten Buy ratings, and two Hold ratings, with an average target price of $29.67.
• Cenovus recently beat quarterly earnings and revenue estimates, reporting EPS of $0.61 versus $0.56 expected 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 Wall Street Zen from a "buy" rating to a "strong-buy" rating in a research report issued to clients and investors on Saturday.

Several other equities analysts also recently commented on CVE. UBS Group reiterated a "buy" rating on shares of Cenovus Energy in a report on Thursday, April 9th. TD Securities reiterated a "buy" rating on shares of Cenovus Energy in a report on Friday, February 20th. Veritas upgraded shares of Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a report on Tuesday, March 10th. Raymond James Financial lowered shares of Cenovus Energy from a "strong-buy" rating to an "outperform" rating in a research report on Wednesday. Finally, Weiss Ratings reaffirmed a "hold (c)" rating on shares of Cenovus Energy in a research report on Friday, April 24th. Two equities research analysts have rated the stock with a Strong Buy rating, ten have assigned a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and an average target price of $29.67.

Cenovus Energy Price Performance

NYSE:CVE opened at $28.40 on Friday. Cenovus Energy has a one year low of $12.88 and a one year high of $30.84. The company has a market cap of $53.24 billion, a P/E ratio of 15.60 and a beta of 0.37. The firm's fifty day moving average price is $25.34 and its two-hundred day moving average price is $20.75. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.04.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings data on Wednesday, May 6th. The oil and gas company reported $0.61 EPS 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 for the quarter, compared to the consensus estimate of $9.47 billion. During the same period in the previous year, the company earned $0.47 earnings per share. The company's quarterly revenue was up 1.0% on a year-over-year basis. Equities analysts expect that Cenovus Energy will post 2.28 earnings per share for the current year.

Hedge Funds Weigh In On Cenovus Energy

A number of hedge funds have recently bought and sold shares of CVE. Financial Management Professionals Inc. acquired a new stake in Cenovus Energy during the fourth quarter worth about $25,000. Transamerica Financial Advisors LLC grew its stake in Cenovus Energy by 1,302.7% during the fourth 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 in the last quarter. NBC Securities Inc. grew its stake in 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 buying an additional 1,500 shares in the last quarter. Kestra Advisory Services LLC acquired a new stake in Cenovus Energy during the fourth quarter worth about $38,000. Finally, Geneos Wealth Management Inc. grew its stake in Cenovus Energy by 74.1% during the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company's stock worth $44,000 after buying an additional 1,384 shares in the last quarter. 51.19% of the stock is owned by institutional investors.

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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