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

Key Points

• Cenovus Energy has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, reflecting a change in sentiment towards the stock.
• Goldman Sachs has cut its price target for Cenovus Energy from $18 to $16, while Royal Bank of Canada has increased its target from $25 to $26, indicating mixed outlooks from analysts.
• The stock is currently rated as a "Moderate Buy" with an average price target of $23.33, and it closed down 2.8% recently, trading at $14.81.

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

CVE has been the topic of a number of other reports. The Goldman Sachs Group decreased their price target on Cenovus Energy from $18.00 to $16.00 and set a "buy" rating on the stock in a research note on Wednesday, April 30th. Royal Bank Of Canada upped their price target on shares of Cenovus Energy from $25.00 to $26.00 and gave the stock an "outperform" rating in a research report on Friday, August 1st. National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a research report on Friday, April 25th. Morgan Stanley reaffirmed an "overweight" rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. Finally, Veritas lowered Cenovus Energy from a "strong-buy" rating to a "hold" rating in a report on Wednesday, May 14th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $23.33.

Cenovus Energy Trading Up 0.6%

Shares of CVE traded up $0.10 during mid-day trading on Friday, reaching $15.22. The stock had a trading volume of 8,775,936 shares, compared to its average volume of 11,955,073. The firm has a market cap of $27.48 billion, a price-to-earnings ratio of 15.07 and a beta of 0.97. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.32 and a quick ratio of 0.78. Cenovus Energy has a 52-week low of $10.23 and a 52-week high of $20.03. The business's fifty day moving average is $14.21 and its 200 day moving average is $13.70.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last released its quarterly earnings data on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.14 by $0.19. Cenovus Energy had a return on equity of 9.06% and a net margin of 5.18%. The business had revenue of $10.66 billion during the quarter, compared to analysts' expectations of $10.64 billion. During the same period in the prior year, the firm posted $0.62 EPS. The business's quarterly revenue was down 12.6% compared to the same quarter last year. On average, sell-side analysts predict that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Institutional Trading of Cenovus Energy

Several institutional investors have recently added to or reduced their stakes in CVE. Atlantic Union Bankshares Corp acquired a new position in shares of Cenovus Energy in the second quarter valued at about $27,000. Bank of New York Mellon Corp boosted its holdings in Cenovus Energy by 2.8% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,217,726 shares of the oil and gas company's stock valued at $16,561,000 after purchasing an additional 33,446 shares during the period. Atria Investments Inc grew its position in shares of Cenovus Energy by 32.7% during the 2nd quarter. Atria Investments Inc now owns 130,668 shares of the oil and gas company's stock worth $1,777,000 after purchasing an additional 32,196 shares in the last quarter. Y Intercept Hong Kong Ltd increased its holdings in shares of Cenovus Energy by 378.5% during the second quarter. Y Intercept Hong Kong Ltd now owns 183,464 shares of the oil and gas company's stock worth $2,495,000 after purchasing an additional 145,124 shares during the period. Finally, Caitong International Asset Management Co. Ltd raised its position in shares of Cenovus Energy by 39.9% in the second quarter. Caitong International Asset Management Co. Ltd now owns 4,205 shares of the oil and gas company's stock valued at $57,000 after buying an additional 1,199 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

About Cenovus Energy

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.