Cenovus Energy (NYSE:CVE) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a strong-buy rating in a research report sent to investors on Sunday,Wall Street Zen reports.

Other analysts also recently issued reports about the company. UBS Group downgraded Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Scotiabank restated an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Weiss Ratings upgraded Cenovus Energy from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research note on Wednesday, August 19th. Finally, Zacks Research upgraded shares of Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 28th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $39.00.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $32.80 on Friday. The business’s 50 day simple moving average is $31.69 and its 200-day simple moving average is $28.96. The firm has a market capitalization of $59.75 billion, a price-to-earnings ratio of 12.61 and a beta of 0.46. 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 has a 12 month low of $15.63 and a 12 month high of $34.16.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, meeting the consensus estimate of $1.11. The firm had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%. Cenovus Energy’s quarterly revenue was up 47.9% on a year-over-year basis. During the same period last year, the business posted $0.45 EPS. As a group, equities analysts forecast that Cenovus Energy will post 4.12 earnings per share for the current fiscal year.

Cenovus Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Stockholders of record on Tuesday, September 15th were paid a dividend of C$0.22 per share. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date of this dividend was Tuesday, September 15th. Cenovus Energy’s dividend payout ratio (DPR) is 24.62%.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors and hedge funds have recently bought and sold shares of the stock. HighTower Advisors LLC grew its holdings in shares of Cenovus Energy by 45.8% during the 2nd quarter. HighTower Advisors LLC now owns 102,666 shares of the oil and gas company’s stock worth $2,547,000 after purchasing an additional 32,250 shares during the period. OMERS ADMINISTRATION Corp acquired a new stake in Cenovus Energy during the 2nd quarter worth approximately $17,275,000. Beverly Hills Private Wealth LLC purchased a new position in Cenovus Energy in the second quarter valued at approximately $2,678,000. GQG Partners LLC purchased a new position in Cenovus Energy in the second quarter valued at approximately $411,552,000. Finally, Alberta Investment Management Corp purchased a new position in Cenovus Energy in the second quarter valued at approximately $143,730,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company headquartered in Calgary, Alberta. The company develops and produces crude oil, natural gas and natural gas liquids, with a significant focus on oil sands operations in Alberta. Its upstream activities include oil sands mining and in situ production, conventional oil and gas production, and the upgrading of heavy crude into synthetic crude oil.

Cenovus also operates in the downstream energy sector through crude oil refining, petroleum upgrading, marketing and distribution.