Cenovus Energy (NYSE:CVE) Upgraded by StockNews.com to "Buy"

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE was upgraded by investment analysts at StockNews.com from a "hold" rating to a "buy" rating in a report issued on Thursday.

Other analysts also recently issued reports about the stock. UBS Group raised shares of Cenovus Energy from a "neutral" rating to a "buy" rating in a report on Friday, February 23rd. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $28.00 price target on shares of Cenovus Energy in a report on Friday, January 26th. Finally, Morgan Stanley lifted their price objective on Cenovus Energy from $28.00 to $30.00 and gave the company an "overweight" rating in a research note on Thursday, March 28th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $26.67.

Cenovus Energy Stock Performance

Shares of NYSE CVE traded down $0.70 during mid-day trading on Thursday, hitting $21.10. The stock had a trading volume of 18,855,894 shares, compared to its average volume of 11,454,089. The firm has a market cap of $39.38 billion, a PE ratio of 13.35 and a beta of 2.15. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.91 and a current ratio of 1.56. The company has a 50 day moving average of $18.40 and a two-hundred day moving average of $18.01. Cenovus Energy has a twelve month low of $14.69 and a twelve month high of $21.90.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings data on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share for the quarter, beating analysts' consensus estimates of $0.25 by $0.04. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. The business had revenue of $9.65 billion for the quarter, compared to analyst estimates of $9.73 billion. During the same period in the prior year, the company earned $0.29 earnings per share. Research analysts predict that Cenovus Energy will post 1.73 EPS for the current fiscal year.

Institutional Investors Weigh In On Cenovus Energy

Several hedge funds have recently modified their holdings of the company. Financial Perspectives Inc acquired a new position in Cenovus Energy in the 4th quarter worth about $28,000. Banque Cantonale Vaudoise purchased a new stake in shares of Cenovus Energy in the first quarter valued at approximately $30,000. Headlands Technologies LLC acquired a new position in shares of Cenovus Energy during the 4th quarter worth approximately $33,000. NBC Securities Inc. purchased a new position in shares of Cenovus Energy during the 3rd quarter valued at approximately $34,000. Finally, Spire Wealth Management grew its stake in Cenovus Energy by 41.9% in the 4th quarter. Spire Wealth Management now owns 2,305 shares of the oil and gas company's stock valued at $38,000 after acquiring an additional 681 shares during the period. 51.19% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Company Profile

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.

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