Cenovus Energy (NYSE:CVE) Price Target Raised to $29.00

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its target price lifted by analysts at The Goldman Sachs Group from $22.00 to $29.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. The Goldman Sachs Group’s price objective indicates a potential upside of 21.92% from the company’s previous close.

Other equities analysts also recently issued reports about the stock. TD Securities restated a “buy” rating on shares of Cenovus Energy in a research note on Friday, February 20th. Zacks Research cut shares of Cenovus Energy from a “hold” rating to a “strong sell” rating in a report on Friday, February 20th. Royal Bank Of Canada boosted their price target on Cenovus Energy from $29.00 to $31.00 and gave the company an “outperform” rating in a research note on Wednesday, February 18th. Wall Street Zen downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Monday, February 23rd. Finally, Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a report on Tuesday. Three research analysts have rated the stock with a Strong Buy rating, eight have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Cenovus Energy presently has an average rating of “Moderate Buy” and a consensus target price of $29.67.

Cenovus Energy Stock Performance

Shares of Cenovus Energy stock traded up $0.09 on Thursday, hitting $23.79. The stock had a trading volume of 20,753,132 shares, compared to its average volume of 15,621,979. The stock has a market cap of $44.72 billion, a price-to-earnings ratio of 15.51 and a beta of 0.43. The company has a quick ratio of 1.04, a current ratio of 1.57 and a debt-to-equity ratio of 0.35. Cenovus Energy has a twelve month low of $10.23 and a twelve month high of $24.06. The business’s 50 day moving average is $20.15 and its two-hundred day moving average is $18.26.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.08. The business had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $10.89 billion. Cenovus Energy had a return on equity of 13.25% and a net margin of 7.92%.During the same period in the previous year, the company posted $0.07 EPS. Analysts forecast that Cenovus Energy will post 1.49 EPS for the current year.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Larry Mathis Financial Planning LLC acquired a new position in shares of Cenovus Energy during the 4th quarter worth $181,000. Corient Private Wealth LLC grew its position in Cenovus Energy by 33.0% in the fourth quarter. Corient Private Wealth LLC now owns 45,142 shares of the oil and gas company’s stock valued at $764,000 after acquiring an additional 11,202 shares during the last quarter. Pure Financial Advisors LLC acquired a new position in Cenovus Energy during the fourth quarter worth about $184,000. T. Rowe Price Investment Management Inc. bought a new position in shares of Cenovus Energy in the fourth quarter worth about $1,058,000. Finally, Compound Planning Inc. boosted its stake in shares of Cenovus Energy by 12.2% in the 4th quarter. Compound Planning Inc. now owns 11,729 shares of the oil and gas company’s stock valued at $198,000 after purchasing an additional 1,276 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

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.