Barclays Lowers Cenovus Energy (NYSE:CVE) to Equal Weight


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Barclays downgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from an overweight rating to an equal weight rating in a report issued on Monday morning, AnalystRatings.net reports. Barclays currently has $9.00 target price on the oil and gas company’s stock.

Several other research firms have also recently commented on CVE. National Bank Financial lifted their target price on Cenovus Energy and gave the company an outperform rating in a research note on Wednesday, January 6th. Tudor Pickering reissued a hold rating and issued a $5.50 target price on shares of Cenovus Energy in a research note on Wednesday, November 11th. Morgan Stanley raised Cenovus Energy from an underweight rating to an equal weight rating and lifted their target price for the company from $6.00 to $9.00 in a research note on Friday, December 11th. BidaskClub raised Cenovus Energy from a sell rating to a hold rating in a research note on Thursday, January 7th. Finally, TD Securities lifted their target price on Cenovus Energy from $7.00 to $10.50 and gave the company a buy rating in a research note on Thursday, January 7th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus target price of $7.31.

CVE stock opened at $6.16 on Monday. The business has a fifty day moving average price of $5.93 and a 200 day moving average price of $4.75. Cenovus Energy has a fifty-two week low of $1.41 and a fifty-two week high of $9.69. The stock has a market capitalization of $7.57 billion, a price-to-earnings ratio of -4.81 and a beta of 3.12. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.38 and a quick ratio of 0.80.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, October 29th. The oil and gas company reported ($0.37) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.03) by ($0.34). The business had revenue of $2.86 billion for the quarter, compared to analyst estimates of $3.60 billion. Cenovus Energy had a negative net margin of 14.15% and a negative return on equity of 12.48%. During the same period in the prior year, the business earned $0.23 earnings per share. On average, equities analysts expect that Cenovus Energy will post -1.25 earnings per share for the current fiscal year.

Hedge funds have recently bought and sold shares of the business. Marshall Wace LLP bought a new stake in shares of Cenovus Energy in the first quarter valued at about $25,000. JGP Wealth Management LLC bought a new stake in shares of Cenovus Energy in the third quarter valued at about $58,000. Engineers Gate Manager LP lifted its holdings in shares of Cenovus Energy by 25.6% in the second quarter. Engineers Gate Manager LP now owns 17,044 shares of the oil and gas company’s stock valued at $80,000 after purchasing an additional 3,472 shares in the last quarter. Advisor Group Holdings Inc. lifted its holdings in shares of Cenovus Energy by 498.0% in the second quarter. Advisor Group Holdings Inc. now owns 23,849 shares of the oil and gas company’s stock valued at $112,000 after purchasing an additional 19,861 shares in the last quarter. Finally, Commonwealth Equity Services LLC lifted its holdings in shares of Cenovus Energy by 11.1% in the second quarter. Commonwealth Equity Services LLC now owns 30,184 shares of the oil and gas company’s stock valued at $140,000 after purchasing an additional 3,009 shares in the last quarter. Hedge funds and other institutional investors own 72.72% of the company’s stock.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company operates through Oil Sands, Deep Basin, and Refining and Marketing segments. The Oil Sands segment develops and produces bitumen in northeast Alberta.

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Analyst Recommendations for Cenovus Energy (NYSE:CVE)

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