Cenovus Energy (NYSE:CVE) Downgraded by Veritas to “Hold”

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

Several other brokerages have also recently issued reports on CVE. National Bank Financial cut shares of Cenovus Energy from an “outperform” rating to a “sector perform” rating in a research note on Friday, February 21st. National Bankshares reissued a “sector perform” rating on shares of Cenovus Energy in a report on Friday, April 25th. The Goldman Sachs Group reduced their price target on shares of Cenovus Energy from $18.00 to $16.00 and set a “buy” rating on the stock in a research report on Wednesday, April 30th. Scotiabank upgraded Cenovus Energy to a “strong-buy” rating in a research note on Wednesday, March 19th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $25.00 price objective on shares of Cenovus Energy in a report on Friday, April 11th. Five research analysts have rated the stock with a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $25.75.

Cenovus Energy Stock Down 1.2%

Cenovus Energy stock opened at $13.64 on Wednesday. The firm has a market capitalization of $24.86 billion, a price-to-earnings ratio of 11.27 and a beta of 0.95. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. Cenovus Energy has a fifty-two week low of $10.23 and a fifty-two week high of $21.08. The stock’s fifty day moving average is $12.67 and its two-hundred day moving average is $14.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Thursday, May 8th. The oil and gas company reported $0.32 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.03. The company had revenue of $11.15 billion during the quarter, compared to the consensus estimate of $12.39 billion. Cenovus Energy had a return on equity of 10.73% and a net margin of 5.82%. During the same quarter last year, the business posted $0.62 earnings per share. Analysts predict that Cenovus Energy will post 1.49 EPS for the current fiscal year.

Institutional Trading of Cenovus Energy

Several hedge funds and other institutional investors have recently modified their holdings of CVE. Farther Finance Advisors LLC raised its position 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 valued at $25,000 after purchasing an additional 851 shares during the period. Bruce G. Allen Investments LLC bought a new stake in Cenovus Energy in the first quarter valued at about $38,000. Cromwell Holdings LLC increased its position in shares of Cenovus Energy by 1,165.1% during the 1st quarter. Cromwell Holdings LLC now owns 3,049 shares of the oil and gas company’s stock worth $42,000 after purchasing an additional 2,808 shares in the last quarter. Caitong International Asset Management Co. Ltd acquired a new position in shares of Cenovus Energy in the 1st quarter worth approximately $42,000. Finally, Sierra Ocean LLC bought a new stake in shares of Cenovus Energy during the fourth quarter worth $67,000. 51.19% of the stock is currently owned by hedge funds and other institutional investors.

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.