Cenovus Energy Inc (NYSE:CVE) Given Average Recommendation of “Moderate Buy” by Brokerages

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has been given a consensus rating of “Moderate Buy” by the fourteen analysts that are currently covering the company, MarketBeat Ratings reports. Five analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and two have assigned a strong buy recommendation to the company. The average twelve-month price target among brokers that have issued ratings on the stock in the last year is $27.00.

Several research firms have recently weighed in on CVE. Wall Street Zen upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research report on Thursday, November 20th. The Goldman Sachs Group started coverage on Cenovus Energy in a research report on Friday, January 2nd. They issued a “buy” rating and a $20.00 target price for the company. Royal Bank Of Canada lifted their price target on shares of Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a research note on Monday, November 17th. Finally, Scotiabank cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th.

Cenovus Energy Stock Performance

Shares of CVE opened at $19.73 on Friday. Cenovus Energy has a 12-month low of $10.23 and a 12-month high of $20.72. The company has a current ratio of 1.73, a quick ratio of 1.18 and a debt-to-equity ratio of 0.25. The company has a market cap of $37.15 billion, a PE ratio of 16.17 and a beta of 0.49. The stock has a 50-day moving average price of $17.63 and a 200-day moving average price of $16.88.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. Cenovus Energy had a net margin of 6.23% and a return on equity of 10.73%. The business had revenue of $10.87 billion for the quarter, compared to the consensus estimate of $12.51 billion. During the same period last year, the firm posted $0.42 earnings per share. Cenovus Energy’s quarterly revenue was down 7.0% on a year-over-year basis. As a group, equities analysts forecast that Cenovus Energy will post 1.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Financial Management Professionals Inc. bought a new position in Cenovus Energy during the 4th quarter worth approximately $25,000. Atlantic Union Bankshares Corp bought a new position in shares of Cenovus Energy in the second quarter worth approximately $27,000. NBC Securities Inc. raised its holdings in Cenovus Energy by 961.5% during the 4th quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 1,500 shares during the last quarter. Allworth Financial LP boosted its position in Cenovus Energy by 104.3% during the 2nd quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 1,168 shares during the period. Finally, Geneos Wealth Management Inc. grew its holdings in Cenovus Energy by 74.1% in the 2nd quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock worth $44,000 after acquiring an additional 1,384 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Company Profile

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.