Cenovus Energy (NYSE:CVE) Rating Increased to Buy at Gerdes Energy Research

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by investment analysts at Gerdes Energy Research from a “neutral” rating to a “buy” rating in a report released on Wednesday, BayStreet reports. The brokerage presently has a $50.00 price target on the oil and gas company’s stock. Gerdes Energy Research’s price objective points to a potential upside of 52.05% from the company’s current price.

CVE has been the subject of a number of other research reports. Canadian Imperial Bank of Commerce reissued an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, August 27th. Raymond James Financial cut shares of Cenovus Energy from a “strong-buy” rating to an “outperform” rating in a research note on Wednesday, May 6th. Royal Bank Of Canada boosted their price objective on shares of Cenovus Energy from $47.00 to $51.00 and gave the company an “outperform” rating in a report on Thursday, July 30th. Wall Street Zen raised shares of Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 8th. Finally, Lake Street Capital set a $36.00 target price on shares of Cenovus Energy in a research report on Wednesday, May 13th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Cenovus Energy presently has a consensus rating of “Moderate Buy” and a consensus price target of $39.00.

Cenovus Energy Stock Performance

CVE traded down $0.24 during trading on Wednesday, hitting $32.88. The stock had a trading volume of 2,612,545 shares, compared to its average volume of 10,818,983. The company has a 50 day moving average price of $28.68 and a 200-day moving average price of $27.06. The firm has a market cap of $60.82 billion, a price-to-earnings ratio of 12.66 and a beta of 0.35. Cenovus Energy has a one year low of $15.63 and a one year high of $33.40. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting analysts’ consensus estimates of $1.11. The firm had revenue of $14.59 billion for the quarter, compared to analyst estimates of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%.The company’s revenue for the quarter was up 47.9% on a year-over-year basis. During the same period in the prior year, the firm posted $0.45 EPS. As a group, research analysts predict that Cenovus Energy will post 3.2 EPS for the current year.

Institutional Trading of Cenovus Energy

A number of hedge funds and other institutional investors have recently modified their holdings of CVE. Capital Research Global Investors lifted its stake in shares of Cenovus Energy by 16.6% in the 4th quarter. Capital Research Global Investors now owns 124,313,513 shares of the oil and gas company’s stock valued at $2,103,090,000 after acquiring an additional 17,730,542 shares during the last quarter. Capital International Investors grew its position in Cenovus Energy by 3.9% during the 4th quarter. Capital International Investors now owns 50,979,140 shares of the oil and gas company’s stock worth $862,505,000 after acquiring an additional 1,903,432 shares during the last quarter. FIL Ltd grew its position in Cenovus Energy by 40.0% during the 4th quarter. FIL Ltd now owns 38,533,059 shares of the oil and gas company’s stock worth $651,880,000 after acquiring an additional 11,019,212 shares during the last quarter. Bank of America Corp DE increased its holdings in Cenovus Energy by 111.2% in the 1st quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock worth $604,107,000 after purchasing an additional 11,990,405 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in Cenovus Energy by 5.0% in the 4th quarter. Dimensional Fund Advisors LP now owns 18,018,995 shares of the oil and gas company’s stock worth $304,894,000 after purchasing an additional 855,618 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.