Cenovus Energy (NYSE:CVE) Rating Lowered to Hold at StockNews.com

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by StockNews.com from a “buy” rating to a “hold” rating in a research report issued on Monday.

Separately, Scotiabank cut their price target on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $30.67.

Cenovus Energy Stock Up 2.6 %

Shares of NYSE CVE opened at $17.17 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66. Cenovus Energy has a 1 year low of $14.69 and a 1 year high of $21.90. The stock’s 50-day simple moving average is $18.07 and its 200-day simple moving average is $19.38. The firm has a market cap of $31.92 billion, a price-to-earnings ratio of 9.54 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.52 by ($0.13). The business had revenue of $10.88 billion for the quarter, compared to analysts’ expectations of $9.78 billion. Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. As a group, equities analysts anticipate that Cenovus Energy will post 1.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cenovus Energy

Several large investors have recently added to or reduced their stakes in the company. SVB Wealth LLC increased its position in Cenovus Energy by 2.6% in the first quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock worth $394,000 after buying an additional 507 shares during the period. Northwestern Mutual Wealth Management Co. increased its holdings in shares of Cenovus Energy by 8.0% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after acquiring an additional 643 shares during the period. SYSTM Wealth Solutions LLC lifted its position in Cenovus Energy by 6.8% in the 1st quarter. SYSTM Wealth Solutions LLC now owns 12,493 shares of the oil and gas company’s stock valued at $250,000 after purchasing an additional 800 shares during the last quarter. Cetera Advisors LLC boosted its stake in Cenovus Energy by 5.2% during the 1st quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock valued at $327,000 after purchasing an additional 801 shares during the period. Finally, Gold Investment Management Ltd. grew its position in Cenovus Energy by 4.6% in the 1st quarter. Gold Investment Management Ltd. now owns 18,881 shares of the oil and gas company’s stock worth $378,000 after purchasing an additional 833 shares during the last quarter. 51.19% of the stock is currently owned by institutional investors.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.