StockNews.com Upgrades Cenovus Energy (NYSE:CVE) to Buy

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors on Monday.

CVE has been the topic of a number of other reports. Scotiabank upgraded Cenovus Energy from a “sector perform” rating to a “sector outperform” rating in a report on Wednesday, September 6th. UBS Group started coverage on Cenovus Energy in a research note on Wednesday, July 12th. They issued a “neutral” rating on the stock. Finally, Royal Bank of Canada boosted their target price on Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Friday, November 3rd. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and an average price target of $31.88.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock opened at $17.89 on Monday. The business’s fifty day simple moving average is $20.11 and its 200 day simple moving average is $18.33. The firm has a market capitalization of $33.72 billion, a P/E ratio of 12.08 and a beta of 2.20. Cenovus Energy has a 12 month low of $14.97 and a 12 month high of $22.02. The company has a current ratio of 1.49, a quick ratio of 0.82 and a debt-to-equity ratio of 0.26.

Institutional Trading of Cenovus Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. NBC Securities Inc. purchased a new position in Cenovus Energy during the third quarter worth about $34,000. KB Financial Partners LLC purchased a new position in Cenovus Energy during the first quarter worth about $40,000. Parallel Advisors LLC grew its position in Cenovus Energy by 36.4% during the second quarter. Parallel Advisors LLC now owns 2,606 shares of the oil and gas company’s stock worth $44,000 after buying an additional 696 shares in the last quarter. IFP Advisors Inc grew its position in Cenovus Energy by 183.6% during the second quarter. IFP Advisors Inc now owns 5,389 shares of the oil and gas company’s stock worth $56,000 after buying an additional 3,489 shares in the last quarter. Finally, CWM LLC grew its position in Cenovus Energy by 19.2% during the third quarter. CWM LLC now owns 3,336 shares of the oil and gas company’s stock worth $69,000 after buying an additional 537 shares in the last quarter. 50.01% of the stock is currently owned by institutional investors.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil and natural gas in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Manufacturing, and U.S. Manufacturing segments. The Oil Sands segment develops and produces bitumen and heavy oil in northern Alberta and Saskatchewan.