Cenovus Energy (NYSE:CVE) Given New C$16.50 Price Target at Scotiabank

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its price target upped by analysts at Scotiabank from C$14.00 to C$16.50 in a report released on Thursday, The Fly reports. The firm currently has an “outperform” rating on the oil and gas company’s stock.

Other research analysts have also issued reports about the company. Raymond James boosted their price target on Cenovus Energy from C$13.50 to C$14.00 and gave the stock a “market perform” rating in a research report on Friday, July 30th. Credit Suisse Group raised Cenovus Energy from a “neutral” rating to an “outperform” rating and upped their price target for the stock from $13.00 to $15.00 in a report on Monday, July 19th. Zacks Investment Research cut Cenovus Energy from a “hold” rating to a “strong sell” rating and set a $8.50 target price for the company. in a report on Wednesday, September 29th. Morgan Stanley began coverage on Cenovus Energy in a research report on Thursday, October 7th. They issued an “overweight” rating and a $18.00 price target for the company. Finally, The Goldman Sachs Group increased their price objective on Cenovus Energy from $11.00 to $12.50 and gave the stock a “buy” rating in a research report on Tuesday, September 28th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat, Cenovus Energy presently has a consensus rating of “Buy” and a consensus target price of $13.89.

Shares of NYSE CVE traded up $0.42 during trading on Thursday, hitting $11.68. The company had a trading volume of 265,301 shares, compared to its average volume of 9,624,174. The stock has a 50 day simple moving average of $8.98 and a 200 day simple moving average of $8.64. The firm has a market capitalization of $23.56 billion, a P/E ratio of -233.60 and a beta of 3.20. Cenovus Energy has a 12 month low of $3.15 and a 12 month high of $11.83. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.71 and a current ratio of 1.20.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, July 28th. The oil and gas company reported $0.11 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.18). The firm had revenue of $8.61 billion for the quarter. Cenovus Energy had a net margin of 0.43% and a negative return on equity of 2.61%. As a group, analysts predict that Cenovus Energy will post 0.8 EPS for the current year.

A number of large investors have recently modified their holdings of CVE. Marshall Wace LLP purchased a new stake in shares of Cenovus Energy in the 1st quarter valued at approximately $25,000. BlackRock Inc. lifted its position in shares of Cenovus Energy by 184.3% in the 1st quarter. BlackRock Inc. now owns 2,203,659 shares of the oil and gas company’s stock valued at $16,572,000 after acquiring an additional 1,428,414 shares in the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Cenovus Energy in the 1st quarter valued at approximately $43,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Cenovus Energy in the 1st quarter valued at approximately $355,000. Finally, Geode Capital Management LLC lifted its position in shares of Cenovus Energy by 12.8% in the 1st quarter. Geode Capital Management LLC now owns 2,598,489 shares of the oil and gas company’s stock valued at $19,351,000 after acquiring an additional 295,473 shares in the last quarter. Hedge funds and other institutional investors own 49.30% of the company’s stock.

Cenovus Energy Company Profile

Cenovus Energy, Inc engages in provision of gas and oil. Its activities include development, production, and marketing of crude oil, natural gas liquids (NGLS), and natural gas in Canada. The firm operates through four segments: Oil Sands, Conventional, Refining & Marketing, and Corporate & Eliminations.

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