Cenovus Energy’s (CVE) “Buy” Rating Reiterated at Canaccord Genuity
Cenovus Energy Inc (NYSE:CVE) (TSE:CVE)‘s stock had its “buy” rating reissued by equities researchers at Canaccord Genuity in a note issued to investors on Monday. They currently have a $14.50 target price on the oil and gas company’s stock. Canaccord Genuity’s price objective would suggest a potential upside of 41.05% from the stock’s current price.
Other analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Cenovus Energy from a “hold” rating to a “buy” rating and set a $8.25 target price for the company in a research note on Tuesday, July 25th. Morgan Stanley cut shares of Cenovus Energy from an “overweight” rating to an “equal weight” rating in a research note on Wednesday, July 19th. ValuEngine upgraded shares of Cenovus Energy from a “sell” rating to a “hold” rating in a research note on Friday, July 28th. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and issued a $8.00 price objective on shares of Cenovus Energy in a research note on Thursday, June 22nd. Finally, Barclays PLC reiterated an “overweight” rating and issued a $22.00 price objective (up previously from $15.00) on shares of Cenovus Energy in a research note on Wednesday, July 12th. Four research analysts have rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the stock. Cenovus Energy currently has an average rating of “Hold” and an average price target of $17.11.
Cenovus Energy (CVE) traded up 0.924% during mid-day trading on Monday, hitting $10.375. 5,710,471 shares of the stock were exchanged. The company has a 50-day moving average price of $8.07 and a 200-day moving average price of $9.17. Cenovus Energy has a one year low of $6.76 and a one year high of $16.82. The company has a market cap of $12.75 billion, a P/E ratio of 4.235 and a beta of 0.56.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, July 27th. The oil and gas company reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.24. Cenovus Energy had a net margin of 17.89% and a return on equity of 3.20%. The company had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3.40 billion. During the same quarter last year, the business earned ($0.05) EPS. Analysts forecast that Cenovus Energy will post $0.39 earnings per share for the current fiscal year.
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A number of large investors have recently bought and sold shares of CVE. Wells Fargo & Company MN increased its holdings in Cenovus Energy by 16.1% during the 1st quarter. Wells Fargo & Company MN now owns 81,531 shares of the oil and gas company’s stock valued at $921,000 after acquiring an additional 11,313 shares in the last quarter. First Trust Advisors LP increased its holdings in Cenovus Energy by 17.8% during the 1st quarter. First Trust Advisors LP now owns 43,183 shares of the oil and gas company’s stock valued at $488,000 after acquiring an additional 6,521 shares in the last quarter. UBS Asset Management Americas Inc. increased its holdings in Cenovus Energy by 2.3% during the 1st quarter. UBS Asset Management Americas Inc. now owns 2,208,908 shares of the oil and gas company’s stock valued at $24,927,000 after acquiring an additional 49,076 shares in the last quarter. Karp Capital Management Corp purchased a new position in Cenovus Energy during the 1st quarter valued at about $1,538,000. Finally, Ameriprise Financial Inc. increased its holdings in Cenovus Energy by 21.8% during the 1st quarter. Ameriprise Financial Inc. now owns 117,706 shares of the oil and gas company’s stock valued at $1,326,000 after acquiring an additional 21,046 shares in the last quarter. Hedge funds and other institutional investors own 56.17% of the company’s stock.
Cenovus Energy Company Profile
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