Raymond James Financial Downgrades Cenovus Energy (TSE:CVE) to Moderate Buy

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE was downgraded by Raymond James Financial from a "strong-buy" rating to a "moderate buy" rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

A number of other equities research analysts have also issued reports on CVE. Veritas upgraded shares of Cenovus Energy from a "strong sell" rating to a "strong-buy" rating in a report on Tuesday, March 10th. BMO Capital Markets dropped their price target on Cenovus Energy from C$38.00 to C$35.00 and set an "outperform" rating on the stock in a research report on Friday, February 20th. ATB Cormark Capital Markets upped their price target on Cenovus Energy from C$29.00 to C$34.00 in a research report on Monday, February 23rd. TD Securities upped their price target on Cenovus Energy from C$28.00 to C$35.00 and gave the company a "buy" rating in a research report on Friday, February 20th. Finally, Gerdes Energy Research lowered Cenovus Energy from a "buy" rating to a "neutral" rating in a research report on Friday, March 20th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of C$39.00.

Cenovus Energy Stock Down 4.9%

CVE stock opened at C$39.49 on Wednesday. Cenovus Energy has a 52-week low of C$16.02 and a 52-week high of C$42.01. The company's 50 day simple moving average is C$34.63 and its 200-day simple moving average is C$28.51. The company has a debt-to-equity ratio of 53.80, a current ratio of 1.57 and a quick ratio of 1.00. The firm has a market capitalization of C$74.23 billion, a P/E ratio of 18.37, a P/E/G ratio of 0.09 and a beta of 0.23.

Cenovus Energy (TSE:CVE - Get Free Report) NYSE: CVE last released its quarterly earnings results on Wednesday, May 6th. The company reported C$0.84 earnings per share (EPS) for the quarter. Cenovus Energy had a net margin of 7.91% and a return on equity of 13.16%. The business had revenue of C$12.36 billion for the quarter. As a group, equities research analysts anticipate that Cenovus Energy will post 2.2619279 EPS for the current year.

Insiders Place Their Bets

In other Cenovus Energy news, insider John F. Soini sold 10,275 shares of the company's stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of C$35.13, for a total value of C$360,960.75. Following the transaction, the insider directly owned 2,114 shares of the company's stock, valued at C$74,264.82. This represents a 82.94% decrease in their position. 32.03% of the stock is currently owned by insiders.

About Cenovus Energy

Cenovus Energy is an integrated oil company, focused on creating value through the development of its oil sands assets. The company also engages in production of conventional crude oil, natural gas liquids, and natural gas in Alberta, Canada, with refining operations in the U.S. Net upstream production averaged 472 thousand barrels of oil equivalent per day in 2020, and the company estimates that it holds 6.7 billion boe of proven and probable reserves.

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