Cenovus Energy (NYSE:CVE) Rating Lowered to Hold at Veritas

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by research analysts at Veritas from a “strong-buy” rating to a “hold” rating in a note issued to investors on Wednesday,Zacks.com reports.

Several other research firms have also recently weighed in on CVE. Scotiabank raised shares of Cenovus Energy to a “strong-buy” rating in a report on Wednesday, March 19th. Royal Bank of Canada restated an “outperform” rating and set a $25.00 price objective on shares of Cenovus Energy in a research report on Friday, April 11th. The Goldman Sachs Group lowered their price objective on Cenovus Energy from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Wednesday, April 30th. National Bank Financial lowered shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st. Finally, Morgan Stanley restated an “overweight” rating on shares of Cenovus Energy in a research note on Tuesday, April 15th. Five investment analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Cenovus Energy presently has an average rating of “Moderate Buy” and a consensus price target of $25.75.

Cenovus Energy Trading Down 1.2%

CVE opened at $13.64 on Wednesday. The stock has a market capitalization of $24.86 billion, a P/E ratio of 11.27 and a beta of 0.95. The firm’s fifty day simple moving average is $12.67 and its 200 day simple moving average is $14.25. Cenovus Energy has a 12 month low of $10.23 and a 12 month high of $21.08. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, May 8th. The oil and gas company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.29 by $0.03. Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. The company had revenue of $11.15 billion during the quarter, compared to the consensus estimate of $12.39 billion. During the same period in the prior year, the business posted $0.62 EPS. As a group, research analysts anticipate that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Hedge Funds Weigh In On Cenovus Energy

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVE. Public Employees Retirement System of Ohio grew its holdings in Cenovus Energy by 0.3% during the 4th quarter. Public Employees Retirement System of Ohio now owns 241,113 shares of the oil and gas company’s stock valued at $3,653,000 after buying an additional 762 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in shares of Cenovus Energy by 0.7% in the 4th quarter. Alliancebernstein L.P. now owns 106,532 shares of the oil and gas company’s stock worth $1,614,000 after acquiring an additional 779 shares during the last quarter. Farther Finance Advisors LLC increased its holdings in shares of Cenovus Energy by 104.9% in the fourth quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after buying an additional 851 shares during the period. Montgomery Investment Management Inc. boosted its stake in shares of Cenovus Energy by 1.6% during the fourth quarter. Montgomery Investment Management Inc. now owns 56,535 shares of the oil and gas company’s stock valued at $857,000 after purchasing an additional 894 shares during the period. Finally, NFP Retirement Inc. raised its stake in shares of Cenovus Energy by 2.7% during the first quarter. NFP Retirement Inc. now owns 34,500 shares of the oil and gas company’s stock valued at $480,000 after acquiring an additional 900 shares during the last quarter. Institutional investors own 51.19% of the company’s stock.

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.