Cenovus Energy (NYSE:CVE) Rating Increased to Strong-Buy at StockNews.com

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by research analysts at StockNews.com from a “buy” rating to a “strong-buy” rating in a note issued to investors on Friday.

Other research analysts also recently issued research reports about the company. UBS Group raised Cenovus Energy from a “neutral” rating to a “buy” rating in a research note on Friday, February 23rd. Morgan Stanley raised their target price on Cenovus Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $28.00 price target on shares of Cenovus Energy in a research note on Friday, January 26th. Five investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $26.67.

Cenovus Energy Price Performance

Shares of CVE stock opened at $20.49 on Friday. The company has a quick ratio of 0.91, a current ratio of 1.70 and a debt-to-equity ratio of 0.25. Cenovus Energy has a 12 month low of $14.69 and a 12 month high of $21.90. The firm has a market cap of $38.22 billion, a price-to-earnings ratio of 11.38 and a beta of 2.10. The stock has a 50-day moving average price of $19.74 and a 200 day moving average price of $18.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, February 15th. The oil and gas company reported $0.29 EPS for the quarter, topping the consensus estimate of $0.25 by $0.04. Cenovus Energy had a net margin of 8.73% and a return on equity of 16.53%. The company had revenue of $9.65 billion during the quarter, compared to analysts’ expectations of $9.73 billion. During the same quarter in the previous year, the company earned $0.29 EPS. Research analysts expect that Cenovus Energy will post 1.88 EPS for the current year.

Institutional Trading of Cenovus Energy

Several hedge funds have recently bought and sold shares of CVE. Fifth Third Bancorp increased its position in shares of Cenovus Energy by 80.3% during the first quarter. Fifth Third Bancorp now owns 1,453 shares of the oil and gas company’s stock worth $29,000 after acquiring an additional 647 shares in the last quarter. Banque Cantonale Vaudoise bought a new position in Cenovus Energy during the 1st quarter worth about $30,000. NBC Securities Inc. acquired a new stake in shares of Cenovus Energy in the 3rd quarter valued at about $34,000. Financial Perspectives Inc bought a new stake in shares of Cenovus Energy in the fourth quarter valued at about $28,000. Finally, Headlands Technologies LLC acquired a new position in shares of Cenovus Energy during the fourth quarter worth about $33,000. 51.19% of the stock is currently owned by institutional investors and hedge funds.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.