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

Cenovus Energy (NYSE:CVE) (TSE:CVE) was upgraded by analysts at Wall Street Zen from a “buy” rating to a “strong-buy” rating in a report issued on Sunday, Wall Street Zen reports.

Several other equities research analysts also recently weighed in on CVE. UBS Group downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Wednesday, September 2nd. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a report on Wednesday, August 19th. Scotiabank reaffirmed an “outperform” rating on shares of Cenovus Energy in a research report on Thursday, July 30th. Gerdes Energy Research raised Cenovus Energy from a “neutral” rating to a “buy” rating and set a $50.00 price objective on the stock in a research report on Wednesday, September 2nd. Finally, Royal Bank Of Canada boosted their target price on Cenovus Energy from $47.00 to $51.00 and gave the stock an “outperform” rating in a research report on Thursday, July 30th. One analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Cenovus Energy presently has an average rating of “Moderate Buy” and an average target price of $39.00.

Cenovus Energy Price Performance

CVE opened at $33.27 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.63 and a quick ratio of 1.04. The stock’s 50 day simple moving average is $30.18 and its 200 day simple moving average is $27.75. The firm has a market cap of $61.29 billion, a price-to-earnings ratio of 12.79 and a beta of 0.35. Cenovus Energy has a 1 year low of $15.63 and a 1 year high of $34.16.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Wednesday, July 29th. The oil and gas company reported $1.11 EPS for the quarter, meeting the consensus estimate of $1.11. Cenovus Energy had a net margin of 12.37% and a return on equity of 21.08%. The firm had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. During the same period in the prior year, the firm posted $0.45 earnings per share. The company’s quarterly revenue was up 47.9% compared to the same quarter last year. As a group, analysts predict that Cenovus Energy will post 3.57 earnings per share for the current year.

Institutional Trading of Cenovus Energy

A number of large investors have recently made changes to their positions in CVE. Orion Capital Management LLC purchased a new stake in shares of Cenovus Energy during the second quarter worth about $25,000. Gables Capital Management Inc. purchased a new position in Cenovus Energy in the 2nd quarter valued at about $35,000. Leonteq Securities AG acquired a new stake in Cenovus Energy in the 4th quarter worth about $61,000. Allworth Financial LP purchased a new stake in Cenovus Energy during the 2nd quarter worth approximately $68,000. Finally, IFP Advisors Inc increased its stake in 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 buying an additional 656 shares in the last quarter. 51.19% of the stock is currently owned by institutional investors.

About Cenovus Energy

Cenovus Energy Inc is an integrated Canadian energy company headquartered in Calgary, Alberta. The company explores for, develops, produces and markets crude oil, natural gas and natural gas liquids, with a significant focus on oil sands projects in Alberta. Its upstream operations include oil sands mining and in situ production, conventional oil and natural gas assets, and offshore production interests in the Atlantic region.

Cenovus also operates downstream businesses that upgrade, refine and market petroleum products.