StockNews.com Downgrades Cenovus Energy (NYSE:CVE) to Hold

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

A number of other brokerages have also recently commented on CVE. TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. BMO Capital Markets lowered their target price on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research note on Friday, November 1st. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Cenovus Energy has a consensus rating of “Moderate Buy” and a consensus target price of $30.00.

Cenovus Energy Trading Down 2.2 %

Shares of NYSE CVE opened at $15.84 on Tuesday. The company’s 50 day simple moving average is $16.72 and its 200 day simple moving average is $18.30. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.59 and a quick ratio of 0.95. Cenovus Energy has a fifty-two week low of $14.69 and a fifty-two week high of $21.90. The firm has a market capitalization of $28.93 billion, a P/E ratio of 10.92 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The company had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. During the same quarter in the prior year, the business posted $0.72 EPS. The firm’s quarterly revenue was down 17.9% on a year-over-year basis. On average, analysts predict that Cenovus Energy will post 1.5 EPS for the current year.

Institutional Investors Weigh In On Cenovus Energy

Several institutional investors have recently added to or reduced their stakes in CVE. Boston Partners raised its stake in shares of Cenovus Energy by 29.0% in the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock valued at $750,435,000 after purchasing an additional 8,438,979 shares during the period. Smead Capital Management Inc. raised its position in Cenovus Energy by 39.3% in the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock valued at $257,831,000 after buying an additional 4,351,960 shares during the last quarter. 1832 Asset Management L.P. lifted its stake in Cenovus Energy by 81.1% in the 2nd quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock valued at $246,507,000 after acquiring an additional 5,613,320 shares in the last quarter. Mackenzie Financial Corp boosted its position in Cenovus Energy by 5.3% during the 2nd quarter. Mackenzie Financial Corp now owns 11,186,227 shares of the oil and gas company’s stock worth $219,897,000 after acquiring an additional 562,663 shares during the last quarter. Finally, Ninepoint Partners LP raised its holdings in shares of Cenovus Energy by 19.0% in the second quarter. Ninepoint Partners LP now owns 7,500,000 shares of the oil and gas company’s stock valued at $147,450,000 after purchasing an additional 1,200,000 shares during the last quarter. 51.19% of the stock is owned by institutional investors.

Cenovus Energy Company Profile

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.