Cenovus Energy (NYSE:CVE) Upgraded by Desjardins to Moderate Buy Rating

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by equities research analysts at Desjardins to a “moderate buy” rating in a research note issued to investors on Thursday,Zacks.com reports.

Other equities analysts have also issued reports about the company. Weiss Ratings raised Cenovus Energy from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, July 7th. Scotiabank upgraded shares of Cenovus Energy to a “strong-buy” rating in a research note on Friday, June 26th. Zacks Research downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 16th. Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a report on Wednesday, May 13th. Finally, UBS Group reiterated a “buy” rating on shares of Cenovus Energy in a report on Thursday, April 9th. Two research analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy currently has a consensus rating of “Buy” and a consensus target price of $35.25.

Cenovus Energy Price Performance

CVE stock opened at $27.97 on Thursday. The company has a debt-to-equity ratio of 0.33, a current ratio of 1.57 and a quick ratio of 1.00. The company’s 50-day moving average is $27.56 and its 200-day moving average is $24.35. The stock has a market capitalization of $52.03 billion, a PE ratio of 15.37 and a beta of 0.34. Cenovus Energy has a 1 year low of $13.98 and a 1 year high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Wednesday, May 6th. The oil and gas company reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. Cenovus Energy had a return on equity of 15.29% and a net margin of 9.53%.The business had revenue of $10.79 billion during the quarter, compared to analyst estimates of $9.47 billion. During the same period in the previous year, the company posted $0.47 EPS. The firm’s revenue was up 1.0% compared to the same quarter last year. Equities research analysts expect that Cenovus Energy will post 2.91 EPS for the current fiscal year.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors have recently bought and sold shares of the stock. Jones Financial Companies Lllp boosted its holdings in Cenovus Energy by 574.8% during the 1st quarter. Jones Financial Companies Lllp now owns 21,607 shares of the oil and gas company’s stock worth $301,000 after acquiring an additional 18,405 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Cenovus Energy by 6.3% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 747,472 shares of the oil and gas company’s stock valued at $10,397,000 after purchasing an additional 44,125 shares during the last quarter. Prudential Financial Inc. purchased a new stake in shares of Cenovus Energy in the second quarter valued at about $525,000. EverSource Wealth Advisors LLC raised its holdings in shares of Cenovus Energy by 57.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,912 shares of the oil and gas company’s stock valued at $67,000 after purchasing an additional 1,800 shares during the last quarter. Finally, Marshall Wace LLP bought a new position in shares of Cenovus Energy during the second quarter valued at about $495,000. Institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

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.