Veritas Upgrades Cenovus Energy (NYSE:CVE) to Strong-Buy

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by Veritas from a “strong sell” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Morgan Stanley reiterated an “overweight” rating on shares of Cenovus Energy in a research report on Thursday, November 20th. Scotiabank upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Friday, February 20th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Weiss Ratings reiterated a “hold (c)” rating on shares of Cenovus Energy in a research report on Tuesday, January 27th. Finally, Royal Bank Of Canada increased their price target on shares of Cenovus Energy from $29.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, February 18th. Three investment analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Cenovus Energy has a consensus rating of “Moderate Buy” and an average target price of $27.33.

Cenovus Energy Trading Up 4.5%

CVE stock opened at $23.69 on Tuesday. The business has a fifty day moving average price of $20.15 and a 200 day moving average price of $18.26. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04. Cenovus Energy has a fifty-two week low of $10.23 and a fifty-two week high of $23.89. The stock has a market capitalization of $44.53 billion, a price-to-earnings ratio of 15.48 and a beta of 0.43.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, February 19th. The oil and gas company reported $0.36 EPS for the quarter, topping analysts’ consensus estimates of $0.28 by $0.08. The company had revenue of $9.44 billion for the quarter, compared to analyst estimates of $10.89 billion. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.During the same quarter in the previous year, the firm earned $0.07 earnings per share. Analysts expect that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Financial Management Professionals Inc. acquired a new stake in shares of Cenovus Energy during the 4th quarter worth approximately $25,000. Transamerica Financial Advisors LLC lifted its holdings in Cenovus Energy by 1,302.7% in the fourth quarter. Transamerica Financial Advisors LLC now owns 1,543 shares of the oil and gas company’s stock valued at $26,000 after buying an additional 1,433 shares during the period. Atlantic Union Bankshares Corp acquired a new position in Cenovus Energy in the second quarter valued at approximately $27,000. NBC Securities Inc. boosted its stake in Cenovus Energy by 961.5% in the fourth quarter. NBC Securities Inc. now owns 1,656 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 1,500 shares during the last quarter. Finally, Allworth Financial LP boosted its stake in Cenovus Energy by 104.3% in the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 1,168 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

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.