Equities researchers at Bank of America assumed coverage on shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) in a note issued to investors on Thursday, MarketBeat reports. The firm set a “neutral” rating and a $9.00 price target on the oil and gas company’s stock. Bank of America’s price objective would indicate a potential downside of 3.85% from the company’s current price.
Several other equities analysts have also issued reports on the stock. Tudor Pickering raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a report on Wednesday, March 28th. Zacks Investment Research lowered shares of Cenovus Energy from a “hold” rating to a “sell” rating in a report on Monday, March 12th. UBS assumed coverage on shares of Cenovus Energy in a report on Wednesday, March 7th. They set a “neutral” rating on the stock. ValuEngine lowered shares of Cenovus Energy from a “sell” rating to a “strong sell” rating in a report on Thursday, March 1st. Finally, AltaCorp Capital raised shares of Cenovus Energy from a “sector perform” rating to an “outperform” rating in a report on Friday, February 16th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $13.64.
NYSE CVE opened at $9.36 on Thursday. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.82 and a current ratio of 1.13. Cenovus Energy has a 12-month low of $6.76 and a 12-month high of $11.52. The firm has a market capitalization of $11,181.99, a price-to-earnings ratio of -468.00, a PEG ratio of 12.49 and a beta of 0.71.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 15th. The oil and gas company reported ($0.35) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.10 by ($0.45). Cenovus Energy had a return on equity of 0.53% and a net margin of 18.92%. The firm had revenue of $4 billion during the quarter, compared to analysts’ expectations of $3.95 billion. During the same period in the prior year, the firm posted $0.39 earnings per share. sell-side analysts anticipate that Cenovus Energy will post 0.12 EPS for the current year.
Several institutional investors and hedge funds have recently made changes to their positions in CVE. ConocoPhillips purchased a new stake in shares of Cenovus Energy during the fourth quarter valued at $1,899,040,000. Burgundy Asset Management Ltd. boosted its holdings in Cenovus Energy by 27.6% in the third quarter. Burgundy Asset Management Ltd. now owns 32,270,841 shares of the oil and gas company’s stock valued at $323,483,000 after purchasing an additional 6,981,739 shares during the last quarter. Hexavest Inc. boosted its holdings in Cenovus Energy by 78.1% in the fourth quarter. Hexavest Inc. now owns 10,052,201 shares of the oil and gas company’s stock valued at $92,102,000 after purchasing an additional 4,406,617 shares during the last quarter. Mackenzie Financial Corp boosted its holdings in Cenovus Energy by 73.9% in the fourth quarter. Mackenzie Financial Corp now owns 8,018,311 shares of the oil and gas company’s stock valued at $73,207,000 after purchasing an additional 3,406,432 shares during the last quarter. Finally, Schroder Investment Management Group boosted its holdings in Cenovus Energy by 84.8% in the fourth quarter. Schroder Investment Management Group now owns 5,929,784 shares of the oil and gas company’s stock valued at $67,083,000 after purchasing an additional 2,720,795 shares during the last quarter. 74.40% of the stock is currently owned by hedge funds and other institutional investors.
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Cenovus Energy Company Profile
Cenovus Energy Inc is a Canada-based integrated oil company. It operates in the business of developing, producing and marketing crude oil, Natural Gas Liquids (NGLs) and natural gas in Canada. The Company also conducts marketing activities and owns refining interests in the United States (U.S.). Its segments include: Oil Sands, which includes the development and production of bitumen and natural gas in northeast Alberta; Conventional, which includes the development and production of conventional crude oil, NGLs and natural gas in Alberta and Saskatchewan, including the heavy oil assets at Pelican Lake, the carbon dioxide (CO2) enhanced oil recovery (EOR) project at Weyburn and emerging tight oil opportunities; Refining and Marketing, which includes transporting and selling crude oil and natural gas and joint ownership of refineries in the U.S., as well as Corporate and Eliminations.
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