Cenovus Energy (NYSE:CVE) Stock Crosses Above 50-Day Moving Average - Here's Why

Key Points

• Cenovus Energy shares rose 1.9% and moved above their 50-day moving average of $32.22, trading as high as $32.54.
• Analyst sentiment is broadly positive: the stock has a consensus “Buy” rating and a $39.00 average price target, although UBS downgraded it to “hold.”
• Cenovus reported quarterly EPS of $1.11 in line with estimates, while revenue reached $14.59 billion—up 47.9% year over year and above expectations.

Cenovus Energy Inc (NYSE:CVE - Get Free Report) TSE: CVE shares crossed above its fifty day moving average during trading on Wednesday. The stock has a fifty day moving average of $32.22 and traded as high as $32.54. Cenovus Energy shares last traded at $32.2630, with a volume of 5,515,915 shares.

Analysts Set New Price Targets

Several analysts have issued reports on CVE shares. Zacks Research raised shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Monday, September 28th. Desjardins raised shares of Cenovus Energy to a "moderate buy" rating in a research note on Thursday, July 16th. Royal Bank Of Canada lifted their price objective on Cenovus Energy from $47.00 to $51.00 and gave the stock an "outperform" rating in a research report on Thursday, July 30th. Scotiabank reaffirmed an "outperform" rating on shares of Cenovus Energy in a research note on Monday, October 19th. Finally, UBS Group lowered Cenovus Energy from a "buy" rating to a "hold" rating in a research note on Wednesday, September 2nd. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $39.00.

Cenovus Energy Trading Up 1.9%

The stock has a market cap of $58.60 billion, a PE ratio of 12.41 and a beta of 0.46. The business has a 50-day moving average of $32.22 and a 200 day moving average of $27.23. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.04 and a current ratio of 1.63.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate of $1.11. The firm had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm's revenue for the quarter was up 47.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.45 EPS. Equities research analysts predict that Cenovus Energy Inc will post 4.12 EPS for the current fiscal year.

Institutional Investors Weigh In On Cenovus Energy

Hedge funds and other institutional investors have recently modified their holdings of the company. Orion Capital Management LLC acquired a new stake in Cenovus Energy in the 2nd quarter worth about $25,000. Versant Capital Management Inc grew its holdings in Cenovus Energy by 990.9% in the 3rd quarter. Versant Capital Management Inc now owns 1,080 shares of the oil and gas company's stock valued at $34,000 after buying an additional 981 shares during the period. Gables Capital Management Inc. purchased a new stake in Cenovus Energy in the 2nd quarter valued at about $35,000. GK Wealth Management LLC purchased a new stake in Cenovus Energy in the 3rd quarter valued at about $59,000. Finally, Allworth Financial LP acquired a new position in shares of Cenovus Energy during the 2nd quarter valued at about $68,000. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

Cenovus Energy Company Profile

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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