Wall Street Zen Upgrades Cenovus Energy (NYSE:CVE) to “Buy”

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by equities research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued on Saturday.

CVE has been the subject of a number of other research reports. Royal Bank Of Canada upped their price objective on shares of Cenovus Energy from $29.00 to $31.00 and gave the stock an “outperform” rating in a research report on Wednesday, February 18th. The Goldman Sachs Group upped their price objective on shares of Cenovus Energy from $22.00 to $29.00 and gave the stock a “buy” rating in a research report on Thursday, March 12th. Zacks Research upgraded shares of Cenovus Energy from a “strong sell” rating to a “hold” rating in a research report on Tuesday, March 24th. JPMorgan Chase & Co. reaffirmed a “neutral” rating on shares of Cenovus Energy in a research note on Tuesday, January 20th. Finally, Veritas raised Cenovus Energy from a “strong sell” rating to a “strong-buy” rating in a research note on Tuesday, March 10th. Three investment analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, Cenovus Energy currently has a consensus rating of “Buy” and a consensus target price of $29.67.

Cenovus Energy Trading Down 0.1%

NYSE CVE opened at $24.49 on Friday. The company has a market capitalization of $45.92 billion, a PE ratio of 16.01 and a beta of 0.34. The company has a fifty day moving average of $24.02 and a 200 day moving average of $19.89. Cenovus Energy has a 1 year low of $11.60 and a 1 year high of $27.65. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.57 and a quick ratio of 1.04.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, February 19th. The oil and gas company reported $0.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.28 by $0.08. The company had revenue of $9.44 billion during the quarter, compared to the consensus estimate of $10.89 billion. Cenovus Energy had a net margin of 7.92% and a return on equity of 13.25%. During the same period in the previous year, the firm posted $0.07 earnings per share. Research analysts forecast that Cenovus Energy will post 1.49 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. J.W. Cole Advisors Inc. raised its position in shares of Cenovus Energy by 3.9% during the 4th quarter. J.W. Cole Advisors Inc. now owns 13,407 shares of the oil and gas company’s stock worth $227,000 after purchasing an additional 500 shares during the last quarter. Gateway Investment Advisers LLC raised its position in shares of Cenovus Energy by 0.6% during the 4th quarter. Gateway Investment Advisers LLC now owns 93,986 shares of the oil and gas company’s stock worth $1,590,000 after purchasing an additional 523 shares during the last quarter. International Assets Investment Management LLC raised its position in shares of Cenovus Energy by 0.9% during the 4th quarter. International Assets Investment Management LLC now owns 65,248 shares of the oil and gas company’s stock worth $1,104,000 after purchasing an additional 565 shares during the last quarter. Farther Finance Advisors LLC raised its position in shares of Cenovus Energy by 24.4% during the 4th quarter. Farther Finance Advisors LLC now owns 3,307 shares of the oil and gas company’s stock worth $56,000 after purchasing an additional 649 shares during the last quarter. Finally, IFP Advisors Inc raised its position in shares of Cenovus Energy by 15.7% during the 4th quarter. IFP Advisors Inc now owns 4,839 shares of the oil and gas company’s stock worth $82,000 after purchasing an additional 656 shares during the last quarter. Institutional investors and hedge funds own 51.19% of the company’s stock.

About Cenovus Energy

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.