Cenovus Energy (NYSE:CVE) Raised to “Strong-Buy” at Wall Street Zen

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by equities research analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a research note issued to investors on Saturday.

CVE has been the subject of a number of other research reports. Lake Street Capital set a $36.00 price objective on shares of Cenovus Energy in a research report on Wednesday, May 13th. Raymond James Financial lowered Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a report on Wednesday, May 6th. Royal Bank Of Canada upped their price target on Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. Desjardins raised Cenovus Energy to a “moderate buy” rating in a research note on Thursday, July 16th. Finally, The Goldman Sachs Group reaffirmed a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $36.25.

Cenovus Energy Stock Performance

Shares of NYSE CVE opened at $28.23 on Friday. The firm has a 50 day moving average of $27.28 and a 200 day moving average of $25.64. The company has a current ratio of 1.63, a quick ratio of 1.04 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $52.20 billion, a price-to-earnings ratio of 10.86 and a beta of 0.34. Cenovus Energy has a 12-month low of $14.49 and a 12-month high of $32.07.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting analysts’ consensus estimates of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The business had revenue of $14.59 billion during the quarter, compared to analysts’ expectations of $11.87 billion. During the same period in the prior year, the company earned $0.45 earnings per share. The firm’s revenue was up 47.9% on a year-over-year basis. On average, research analysts anticipate that Cenovus Energy will post 3.2 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Financial Management Professionals Inc. bought a new stake in Cenovus Energy during the fourth quarter valued at about $25,000. Transamerica Financial Advisors LLC boosted its stake 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 worth $26,000 after acquiring an additional 1,433 shares during the period. NBC Securities Inc. boosted its stake in shares of Cenovus Energy by 961.5% in the fourth 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. Kestra Advisory Services LLC purchased a new stake in shares of Cenovus Energy during the fourth quarter worth about $38,000. Finally, Geneos Wealth Management Inc. grew its position in shares of Cenovus Energy by 74.1% during the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after purchasing an additional 1,384 shares in the last quarter. 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.