Cenovus Energy Inc (NYSE:CVE) Stock Has Consensus Target Price of $39.00

Key Points

• Analysts remain bullish: Cenovus Energy has a consensus “Buy” rating from 16 analysts, with 13 buys, two strong buys, and one hold. The average 12-month price target is $39.00.
• Institutional ownership is substantial: Institutional investors and hedge funds own 51.19% of the company, with several firms increasing or initiating positions during the third quarter.
• The stock recently declined: Cenovus shares opened at $30.70 after a reported 6.2% drop, while the company maintained a market capitalization of $55.76 billion and a P/E ratio of 11.81.

Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE has been given an average rating of "Buy" by the sixteen analysts that are currently covering the firm, MarketBeat reports. One equities research analyst has rated the stock with a hold recommendation, thirteen have issued a buy recommendation and two have given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $39.00.

Several brokerages have issued reports on CVE. Morgan Stanley restated an "overweight" rating on shares of Cenovus Energy in a research report on Wednesday, August 19th. Weiss Ratings raised Cenovus Energy from a "buy (b)" rating to a "buy (b+)" rating in a research note on Friday, October 23rd. Raymond James Financial reiterated an "outperform" rating on shares of Cenovus Energy in a research report on Wednesday, October 14th. Wall Street Zen upgraded Cenovus Energy from a "buy" rating to a "strong-buy" rating in a research note on Sunday, October 11th. Finally, JPMorgan Chase & Co. upgraded shares of Cenovus Energy from a "neutral" rating to an "overweight" rating in a research report on Tuesday, September 8th.

Institutional Investors Weigh In On Cenovus Energy

Large investors have recently modified their holdings of the company. International Assets Investment Management LLC boosted its stake in Cenovus Energy by 1.4% during the 3rd quarter. International Assets Investment Management LLC now owns 51,325 shares of the oil and gas company's stock valued at $1,624,000 after purchasing an additional 710 shares during the last quarter. Kestra Advisory Services LLC purchased a new stake in Cenovus Energy in the third quarter worth $433,000. Cora Capital Advisors LLC bought a new stake in shares of Cenovus Energy in the third quarter valued at approximately $218,000. Commonwealth Equity Services LLC grew its holdings in Cenovus Energy by 26.3% during the 3rd quarter. Commonwealth Equity Services LLC now owns 25,035 shares of the oil and gas company's stock valued at $778,000 after buying an additional 5,220 shares in the last quarter. Finally, Provenance Wealth Advisors LLC purchased a new position in Cenovus Energy during the 3rd quarter valued at about $982,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Trading Down 6.2%

Cenovus Energy stock opened at $30.70 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63. The stock has a market capitalization of $55.76 billion, a P/E ratio of 11.81 and a beta of 0.46. Cenovus Energy has a 52 week low of $15.63 and a 52 week high of $34.16. The stock has a 50-day simple moving average of $32.17 and a 200 day simple moving average of $27.45.

About Cenovus Energy

Cenovus Energy Inc NYSE: CVE is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.

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