Wall Street Zen Downgrades Cenovus Energy (NYSE:CVE) to Hold

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by equities researchers at Wall Street Zen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Saturday.

Other analysts also recently issued reports about the stock. Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a report on Monday, November 17th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Cenovus Energy in a report on Tuesday, January 27th. BMO Capital Markets set a $29.00 price target on Cenovus Energy in a research report on Monday, November 17th. Zacks Research cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Thursday, January 22nd. Finally, JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Cenovus Energy in a report on Tuesday, January 20th. Two equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Cenovus Energy currently has an average rating of “Moderate Buy” and a consensus target price of $27.67.

Cenovus Energy Price Performance

Shares of CVE opened at $20.60 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.73 and a quick ratio of 1.18. The company’s fifty day moving average price is $17.86 and its 200-day moving average price is $17.06. The firm has a market capitalization of $38.80 billion, a PE ratio of 16.89 and a beta of 0.48. Cenovus Energy has a 1-year low of $10.23 and a 1-year high of $20.72.

Institutional Investors Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVE. Capital Research Global Investors lifted its holdings in shares of Cenovus Energy by 291.3% in the 3rd quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock worth $1,809,758,000 after acquiring an additional 79,345,506 shares during the last quarter. Vanguard Group Inc. increased its holdings in Cenovus Energy by 12.8% in the 4th quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock valued at $1,074,660,000 after purchasing an additional 7,197,843 shares during the last quarter. Mackenzie Financial Corp raised its position in Cenovus Energy by 46.7% in the third quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after purchasing an additional 9,753,134 shares during the period. Boston Partners lifted its stake in Cenovus Energy by 2.3% during the second quarter. Boston Partners now owns 26,845,367 shares of the oil and gas company’s stock worth $365,097,000 after purchasing an additional 606,042 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA boosted its position in shares of Cenovus Energy by 24.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 17,935,599 shares of the oil and gas company’s stock worth $303,470,000 after buying an additional 3,507,525 shares during the period. Institutional investors and hedge funds 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.