CIBC initiated coverage on shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) in a report released on Thursday, The Fly reports. The brokerage set an "outperformer" rating and a $11.00 price target on the oil and gas company's stock. CIBC's price target points to a potential upside of 74.88% from the company's previous close.
Several other research firms have also recently weighed in on CVE. Barclays cut shares of Cenovus Energy from an "overweight" rating to an "equal weight" rating and set a $9.00 price target on the stock. in a report on Monday. Raymond James upped their price target on shares of Cenovus Energy from $6.00 to $7.50 and gave the stock a "market perform" rating in a report on Monday, October 26th. BMO Capital Markets decreased their price target on shares of Cenovus Energy from $7.50 to $6.00 and set an "outperform" rating on the stock in a report on Friday, October 30th. Tudor Pickering reissued a "hold" rating and issued a $5.50 target price on shares of Cenovus Energy in a research note on Wednesday, November 11th. Finally, JPMorgan Chase & Co. lowered shares of Cenovus Energy from a "neutral" rating to an "underweight" rating in a research report on Thursday, October 1st. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have issued a buy rating to the company's stock. The stock currently has an average rating of "Hold" and an average target price of $7.77.
Shares of NYSE CVE traded down $0.23 during midday trading on Thursday, reaching $6.29. The company's stock had a trading volume of 442,035 shares, compared to its average volume of 13,642,544. Cenovus Energy has a 12-month low of $1.41 and a 12-month high of $9.60. The firm has a 50 day moving average price of $5.94 and a 200-day moving average price of $4.75. The stock has a market capitalization of $7.73 billion, a P/E ratio of -5.09 and a beta of 3.12. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.38 and a quick ratio of 0.80.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, October 29th. The oil and gas company reported ($0.37) earnings per share for the quarter, missing analysts' consensus estimates of ($0.03) by ($0.34). The business had revenue of $2.86 billion during the quarter, compared to analysts' expectations of $3.60 billion. Cenovus Energy had a negative return on equity of 12.48% and a negative net margin of 14.15%. During the same quarter in the previous year, the firm earned $0.23 EPS. On average, equities analysts predict that Cenovus Energy will post -1.25 EPS for the current year.
A number of large investors have recently bought and sold shares of the business. Marshall Wace LLP acquired a new position in shares of Cenovus Energy in the 1st quarter valued at $25,000. JGP Wealth Management LLC purchased a new position in shares of Cenovus Energy during the 3rd quarter valued at approximately $58,000. Engineers Gate Manager LP boosted its stake in shares of Cenovus Energy by 25.6% during the 2nd quarter. Engineers Gate Manager LP now owns 17,044 shares of the oil and gas company's stock valued at $80,000 after buying an additional 3,472 shares during the last quarter. Advisor Group Holdings Inc. boosted its stake in shares of Cenovus Energy by 498.0% during the 2nd quarter. Advisor Group Holdings Inc. now owns 23,849 shares of the oil and gas company's stock valued at $112,000 after buying an additional 19,861 shares during the last quarter. Finally, Commonwealth Equity Services LLC boosted its stake in shares of Cenovus Energy by 11.1% during the 2nd quarter. Commonwealth Equity Services LLC now owns 30,184 shares of the oil and gas company's stock valued at $140,000 after buying an additional 3,009 shares during the last quarter. 72.72% of the stock is owned by institutional investors and hedge funds.
About Cenovus Energy
Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company operates through Oil Sands, Deep Basin, and Refining and Marketing segments. The Oil Sands segment develops and produces bitumen in northeast Alberta.
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