The Goldman Sachs Group Issues Positive Forecast for Cenovus Energy (NYSE:CVE) Stock Price

Key Points

• The Goldman Sachs Group raised its price target on Cenovus Energy from $22 to $29 and maintained a "buy" rating, implying about a 21.9% upside from the stock's current level.
• Market consensus is a "Moderate Buy" with an average target of $29.67 and mixed broker views, while the stock trades around $23.79 after a quarterly EPS beat of $0.36 (vs. $0.28) despite revenue missing estimates.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE had its target price raised by equities research analysts at The Goldman Sachs Group from $22.00 to $29.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the oil and gas company's stock. The Goldman Sachs Group's price objective would suggest a potential upside of 21.92% from the stock's current price.

A number of other brokerages have also commented on CVE. Weiss Ratings restated a "hold (c)" rating on shares of Cenovus Energy in a report on Tuesday, January 27th. JPMorgan Chase & Co. reissued a "neutral" rating on shares of Cenovus Energy in a research report on Tuesday, January 20th. BMO Capital Markets restated an "outperform" rating on shares of Cenovus Energy in a research note on Friday, February 20th. Wall Street Zen downgraded Cenovus Energy from a "buy" rating to a "hold" rating in a research report on Monday, February 23rd. Finally, Scotiabank upgraded shares of Cenovus Energy from a "hold" rating to a "strong-buy" rating in a report on Friday, February 20th. Three equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $29.67.

Cenovus Energy Trading Up 0.4%

CVE traded up $0.09 during mid-day trading on Thursday, hitting $23.79. The stock had a trading volume of 20,753,132 shares, compared to its average volume of 15,621,979. The stock's fifty day simple moving average is $20.15 and its 200-day simple moving average is $18.26. The firm has a market capitalization of $44.72 billion, a price-to-earnings ratio of 15.51 and a beta of 0.43. Cenovus Energy has a 1-year low of $10.23 and a 1-year high of $24.06. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04.

Cenovus Energy (NYSE:CVE - Get Free Report) TSE: CVE last announced its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.08. The company had revenue of $9.44 billion during the quarter, compared to analyst estimates of $10.89 billion. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. During the same quarter in the previous year, the business earned $0.07 EPS. As a group, research analysts forecast that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Hedge Funds Weigh In On Cenovus Energy

A number of institutional investors have recently added to or reduced their stakes in the company. Financial Management Professionals Inc. acquired a new stake in Cenovus Energy in the 4th quarter valued at about $25,000. Transamerica Financial Advisors LLC lifted its position in shares of Cenovus Energy by 1,302.7% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company's stock valued at $26,000 after buying an additional 1,433 shares during the last quarter. NBC Securities Inc. boosted its stake in shares of Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company's stock worth $28,000 after acquiring an additional 1,500 shares during the period. Atlantic Union Bankshares Corp acquired a new position in shares of Cenovus Energy during the 2nd quarter worth approximately $27,000. Finally, Kestra Advisory Services LLC bought a new stake in Cenovus Energy in the 4th quarter valued at $38,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.

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