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

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by analysts at StockNews.com from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday.

CVE has been the topic of a number of other research reports. UBS Group raised shares of Cenovus Energy from a “neutral” rating to a “buy” rating in a research report on Friday, February 23rd. Royal Bank of Canada restated an “outperform” rating and set a $28.00 price objective on shares of Cenovus Energy in a research note on Friday, January 26th. Finally, Morgan Stanley lifted their price objective on shares of Cenovus Energy from $28.00 to $30.00 and gave the company an “overweight” rating in a research note on Thursday, March 28th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Cenovus Energy has a consensus rating of “Buy” and an average price target of $26.67.

Cenovus Energy Stock Performance

CVE opened at $20.95 on Thursday. Cenovus Energy has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.91 and a current ratio of 1.56. The company has a fifty day moving average of $18.50 and a 200 day moving average of $18.01. The stock has a market capitalization of $39.10 billion, a price-to-earnings ratio of 13.26 and a beta of 2.15.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, February 15th. The oil and gas company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.25 by $0.04. Cenovus Energy had a net margin of 7.88% and a return on equity of 14.85%. The firm had revenue of $9.65 billion during the quarter, compared to analyst estimates of $9.73 billion. During the same quarter last year, the business earned $0.29 EPS. As a group, sell-side analysts forecast that Cenovus Energy will post 1.73 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of CVE. Bornite Capital Management LP lifted its position in shares of Cenovus Energy by 20.0% during the first quarter. Bornite Capital Management LP now owns 3,000,000 shares of the oil and gas company’s stock worth $50,040,000 after purchasing an additional 500,000 shares in the last quarter. Raymond James & Associates grew its position in shares of Cenovus Energy by 48.6% during the first quarter. Raymond James & Associates now owns 130,378 shares of the oil and gas company’s stock worth $2,175,000 after acquiring an additional 42,646 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in shares of Cenovus Energy by 0.5% during the first quarter. Bank of New York Mellon Corp now owns 1,471,933 shares of the oil and gas company’s stock worth $24,551,000 after purchasing an additional 7,624 shares during the period. Cambridge Investment Research Advisors Inc. lifted its holdings in shares of Cenovus Energy by 25.1% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 23,944 shares of the oil and gas company’s stock worth $399,000 after purchasing an additional 4,806 shares during the period. Finally, Natixis Advisors L.P. boosted its position in shares of Cenovus Energy by 11.6% during the 1st quarter. Natixis Advisors L.P. now owns 49,549 shares of the oil and gas company’s stock worth $826,000 after purchasing an additional 5,150 shares in the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

About Cenovus Energy

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.