Cenovus Energy (NYSE:CVE) Upgraded by Wall Street Zen to Buy Rating

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Sunday.

Several other analysts have also commented on the stock. Zacks Research lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Thursday, January 22nd. BMO Capital Markets set a $29.00 price target on Cenovus Energy in a report on Monday, November 17th. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Cenovus Energy in a research note on Tuesday, January 20th. Royal Bank Of Canada boosted their price target on shares of Cenovus Energy from $30.00 to $32.00 and gave the company an “outperform” rating in a research note on Monday, November 17th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $22.00 target price on shares of Cenovus Energy in a report on Monday, February 2nd. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and five have assigned a Hold rating to the stock. According to data from MarketBeat.com, Cenovus Energy has an average rating of “Moderate Buy” and a consensus target price of $27.67.

Cenovus Energy Price Performance

Cenovus Energy stock opened at $21.96 on Friday. 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 50-day moving average price of $18.20 and a 200 day moving average price of $17.32. Cenovus Energy has a 12-month low of $10.23 and a 12-month high of $22.20. The stock has a market cap of $41.35 billion, a P/E ratio of 18.00 and a beta of 0.48.

Institutional Investors Weigh In On Cenovus Energy

A number of hedge funds have recently bought and sold shares of CVE. Financial Management Professionals Inc. purchased a new stake in Cenovus Energy in the fourth quarter valued at $25,000. Transamerica Financial Advisors LLC lifted its holdings in shares of Cenovus Energy by 1,302.7% in the 4th quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 1,433 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of Cenovus Energy in the 2nd quarter valued at about $27,000. NBC Securities Inc. grew its stake 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 worth $28,000 after buying an additional 1,500 shares during the last quarter. Finally, Allworth Financial LP increased its position in Cenovus Energy by 104.3% during the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock worth $31,000 after buying an additional 1,168 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.