Cenovus Energy (NYSE:CVE) Lowered to Hold Rating by Wall Street Zen

Wall Street Zen downgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a research note released on Saturday.

Several other equities analysts have also issued reports on the company. Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research report on Thursday, November 20th. Zacks Research lowered shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Thursday, January 22nd. Scotiabank downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 20th. The Goldman Sachs Group reissued a “buy” rating and set a $22.00 price target on shares of Cenovus Energy in a research report on Monday, February 2nd. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Cenovus Energy in a report on Tuesday, January 27th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $27.67.

Cenovus Energy Price Performance

CVE opened at $20.60 on Friday. The company has a fifty day moving average price of $17.86 and a two-hundred day moving average price of $17.08. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.18 and a current ratio of 1.73. Cenovus Energy has a 52 week low of $10.23 and a 52 week high of $20.72. The firm has a market capitalization of $38.80 billion, a PE ratio of 16.89 and a beta of 0.48.

Institutional Investors Weigh In On Cenovus Energy

A number of hedge funds and other institutional investors have recently made changes to their positions in CVE. Gateway Investment Advisers LLC grew its holdings in shares of Cenovus Energy by 0.6% during the 4th quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company’s stock worth $1,590,000 after purchasing an additional 523 shares in the last quarter. International Assets Investment Management LLC lifted its position in Cenovus Energy by 0.9% during the fourth quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company’s stock worth $1,104,000 after purchasing an additional 565 shares during the period. Farther Finance Advisors LLC grew its stake in Cenovus Energy by 24.4% during the fourth quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company’s stock worth $56,000 after buying an additional 649 shares in the last quarter. IFP Advisors Inc increased its holdings in Cenovus Energy by 15.7% in the 4th quarter. IFP Advisors Inc now owns 4,839 shares of the oil and gas company’s stock valued at $82,000 after buying an additional 656 shares during the period. Finally, Bank of Stockton raised its position in shares of Cenovus Energy by 5.0% in the 4th quarter. Bank of Stockton now owns 15,246 shares of the oil and gas company’s stock valued at $258,000 after buying an additional 725 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors and hedge funds.

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.