Cenovus Energy Inc (NYSE:CVE) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) have been given an average rating of “Moderate Buy” by the fourteen analysts that are presently covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a hold recommendation, seven have given a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price target among brokerages that have issued ratings on the stock in the last year is $27.6667.

Several research analysts recently issued reports on the company. Wall Street Zen raised Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Saturday, November 8th. JPMorgan Chase & Co. reissued a “neutral” rating on shares of Cenovus Energy in a research note on Tuesday, January 20th. Royal Bank Of Canada raised their price objective on Cenovus Energy from $30.00 to $32.00 and gave the stock an “outperform” rating in a research report on Monday, November 17th. Scotiabank lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. Finally, The Goldman Sachs Group reiterated a “buy” rating and issued a $22.00 target price on shares of Cenovus Energy in a report on Monday.

Cenovus Energy Trading Down 2.9%

Shares of NYSE CVE opened at $19.70 on Friday. The firm has a 50 day moving average price of $17.80 and a two-hundred day moving average price of $17.02. The stock has a market cap of $37.09 billion, a P/E ratio of 16.14 and a beta of 0.48. Cenovus Energy has a 52-week low of $10.23 and a 52-week high of $20.72. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.18 and a current ratio of 1.73.

Institutional Trading of Cenovus Energy

Several hedge funds have recently modified their holdings of CVE. Capital Research Global Investors raised its position in shares of Cenovus Energy by 291.3% during the third quarter. Capital Research Global Investors now owns 106,582,971 shares of the oil and gas company’s stock worth $1,809,758,000 after purchasing an additional 79,345,506 shares during the period. Canada Pension Plan Investment Board increased its stake in Cenovus Energy by 322.7% during the 2nd quarter. Canada Pension Plan Investment Board now owns 15,521,050 shares of the oil and gas company’s stock valued at $211,338,000 after purchasing an additional 11,849,355 shares in the last quarter. Mackenzie Financial Corp increased its stake in Cenovus Energy by 46.7% during the 3rd quarter. Mackenzie Financial Corp now owns 30,643,806 shares of the oil and gas company’s stock valued at $520,196,000 after purchasing an additional 9,753,134 shares in the last quarter. CIBC Asset Management Inc raised its holdings in Cenovus Energy by 494.2% during the third quarter. CIBC Asset Management Inc now owns 11,442,043 shares of the oil and gas company’s stock worth $194,493,000 after buying an additional 9,516,460 shares during the last quarter. Finally, Vanguard Group Inc. lifted its stake in shares of Cenovus Energy by 12.8% in the fourth quarter. Vanguard Group Inc. now owns 63,525,477 shares of the oil and gas company’s stock valued at $1,074,660,000 after buying an additional 7,197,843 shares in the last quarter. Institutional investors own 51.19% of the company’s stock.

Cenovus Energy Company Profile

Cenovus Energy Inc is a Canadian integrated energy company engaged in the exploration, development and production of crude oil, natural gas liquids and natural gas, together with downstream refining and marketing activities. Headquartered in Calgary, Alberta, Cenovus operates a mix of oil sands thermal and dilbit assets, conventional oil and gas properties, and owns refining and midstream assets designed to move and process hydrocarbons into finished petroleum products for commercial markets.

The company was originally formed as a spin‑off from Encana Corporation in 2009 and has grown through organic development and strategic acquisitions.