The Goldman Sachs Group Lowers Cenovus Energy (NYSE:CVE) Price Target to $16.00

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its price target reduced by equities researchers at The Goldman Sachs Group from $18.00 to $16.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the oil and gas company’s stock. The Goldman Sachs Group’s price target would suggest a potential upside of 33.44% from the company’s previous close.

Several other equities analysts have also weighed in on CVE. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a report on Wednesday, March 19th. National Bank Financial downgraded shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research report on Friday, February 21st. Royal Bank of Canada restated an “outperform” rating and set a $25.00 target price on shares of Cenovus Energy in a research report on Friday, April 11th. National Bankshares reaffirmed a “sector perform” rating on shares of Cenovus Energy in a report on Friday, April 25th. Finally, Morgan Stanley reissued an “overweight” rating on shares of Cenovus Energy in a report on Tuesday, April 15th. Four equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $25.75.

Cenovus Energy Trading Up 1.9 %

Shares of Cenovus Energy stock opened at $11.99 on Wednesday. The stock has a market cap of $21.85 billion, a PE ratio of 9.91 and a beta of 1.46. The firm has a fifty day moving average price of $12.71 and a 200 day moving average price of $14.52. Cenovus Energy has a 1 year low of $10.23 and a 1 year high of $21.08. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, February 20th. The oil and gas company reported $0.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by ($0.27). The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $11.08 billion. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. Equities research analysts predict that Cenovus Energy will post 1.49 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the company. Public Employees Retirement System of Ohio raised its position in shares of Cenovus Energy by 0.3% in the fourth quarter. Public Employees Retirement System of Ohio now owns 241,113 shares of the oil and gas company’s stock valued at $3,653,000 after buying an additional 762 shares during the last quarter. Alliancebernstein L.P. raised its holdings in Cenovus Energy by 0.7% in the 4th quarter. Alliancebernstein L.P. now owns 106,532 shares of the oil and gas company’s stock valued at $1,614,000 after acquiring an additional 779 shares during the last quarter. Farther Finance Advisors LLC lifted its stake in Cenovus Energy by 104.9% in the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 851 shares in the last quarter. Montgomery Investment Management Inc. boosted its holdings in shares of Cenovus Energy by 1.6% during the 4th quarter. Montgomery Investment Management Inc. now owns 56,535 shares of the oil and gas company’s stock worth $857,000 after purchasing an additional 894 shares during the last quarter. Finally, Guggenheim Capital LLC grew its position in shares of Cenovus Energy by 4.5% in the fourth quarter. Guggenheim Capital LLC now owns 20,974 shares of the oil and gas company’s stock valued at $318,000 after purchasing an additional 908 shares in the last quarter. 51.19% of the stock is owned by institutional investors and hedge funds.

Cenovus Energy Company Profile

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.