Royal Bank Of Canada Increases Cenovus Energy (NYSE:CVE) Price Target to $26.00

Key Points

• The Royal Bank of Canada raised Cenovus Energy's price target from $25.00 to $26.00, indicating a potential upside of 74.29% from its current price.
• Cenovus Energy's stock has received mixed ratings, with one sell rating, four hold ratings, four buy ratings, and one strong buy rating, leading to a consensus rating of "Moderate Buy".
• Despite a recent dip in share price, Cenovus reported strong earnings of $0.33 per share, exceeding estimates, while its revenue was down 12.6% year-over-year.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE had its price objective increased by investment analysts at Royal Bank Of Canada from $25.00 to $26.00 in a report issued on Friday,Benzinga reports. The firm presently has an "outperform" rating on the oil and gas company's stock. Royal Bank Of Canada's price target would suggest a potential upside of 74.29% from the company's current price.

CVE has been the topic of several other research reports. Veritas cut shares of Cenovus Energy from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, May 14th. Morgan Stanley reiterated an "overweight" rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. Wall Street Zen downgraded Cenovus Energy from a "hold" rating to a "sell" rating in a report on Saturday, July 26th. The Goldman Sachs Group lowered their target price on shares of Cenovus Energy from $18.00 to $16.00 and set a "buy" rating for the company in a report on Wednesday, April 30th. Finally, National Bankshares restated a "sector perform" rating on shares of Cenovus Energy in a research note on Friday, April 25th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, four have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $23.33.

Cenovus Energy Trading Down 2.0%

Shares of CVE traded down $0.31 during midday trading on Friday, reaching $14.92. The company had a trading volume of 7,383,315 shares, compared to its average volume of 11,927,604. The stock has a market cap of $26.94 billion, a PE ratio of 13.95 and a beta of 0.93. The company has a quick ratio of 0.84, a current ratio of 1.46 and a debt-to-equity ratio of 0.25. The firm has a 50 day simple moving average of $14.13 and a 200-day simple moving average of $13.70. Cenovus Energy has a 1-year low of $10.23 and a 1-year high of $20.03.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last posted its earnings results on Thursday, July 31st. The oil and gas company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.14 by $0.19. Cenovus Energy had a net margin of 5.22% and a return on equity of 9.56%. The firm had revenue of $10.66 billion during the quarter, compared to the consensus estimate of $10.64 billion. During the same quarter last year, the firm earned $0.62 EPS. The firm's revenue for the quarter was down 12.6% on a year-over-year basis. Research analysts forecast that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CVE. Commonwealth Equity Services LLC grew its stake in shares of Cenovus Energy by 34.8% during the 4th quarter. Commonwealth Equity Services LLC now owns 14,835 shares of the oil and gas company's stock worth $225,000 after purchasing an additional 3,827 shares during the period. CIBC Private Wealth Group LLC grew its holdings in shares of Cenovus Energy by 177.4% in the 4th quarter. CIBC Private Wealth Group LLC now owns 11,991 shares of the oil and gas company's stock worth $184,000 after acquiring an additional 7,669 shares during the period. Alliancebernstein L.P. increased its stake in Cenovus Energy by 0.7% in the 4th quarter. Alliancebernstein L.P. now owns 106,532 shares of the oil and gas company's stock valued at $1,614,000 after purchasing an additional 779 shares in the last quarter. Franklin Resources Inc. raised its holdings in Cenovus Energy by 105.0% during the fourth quarter. Franklin Resources Inc. now owns 4,337,551 shares of the oil and gas company's stock worth $65,667,000 after purchasing an additional 2,221,549 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Cenovus Energy by 29.2% in the fourth quarter. Geode Capital Management LLC now owns 8,287,334 shares of the oil and gas company's stock valued at $128,783,000 after purchasing an additional 1,873,415 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

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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