Cenovus Energy (NYSE:CVE) Share Price Breaks Above Fifty Day Moving Average – What’s Next?

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) passed above its 50 day moving average during trading on Wednesday. The stock has a 50 day moving average of $32.22 and traded as high as $32.54. Cenovus Energy shares last traded at $32.2630, with a volume of 5,515,915 shares.

Analyst Ratings Changes

A number of research analysts have issued reports on the company. Raymond James Financial reiterated an “outperform” rating on shares of Cenovus Energy in a research report on Wednesday, October 14th. Jefferies Financial Group reissued a “buy” rating on shares of Cenovus Energy in a research note on Sunday, October 18th. Weiss Ratings upgraded Cenovus Energy from a “buy (b)” rating to a “buy (b+)” rating in a report on Friday, October 23rd. Wall Street Zen upgraded Cenovus Energy from a “buy” rating to a “strong-buy” rating in a report on Sunday, October 11th. Finally, Zacks Research raised Cenovus Energy from a “hold” rating to a “strong-buy” rating in a research note on Monday, September 28th. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus target price of $39.00.

Cenovus Energy Price Performance

The company’s 50 day simple moving average is $32.22 and its 200 day simple moving average is $27.39. 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 has a market cap of $59.51 billion, a P/E ratio of 12.60 and a beta of 0.46.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Wednesday, July 29th. The oil and gas company reported $1.11 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.11. The company had revenue of $14.59 billion during the quarter, compared to the consensus estimate of $11.87 billion. Cenovus Energy had a return on equity of 21.08% and a net margin of 12.37%. The company’s revenue was up 47.9% on a year-over-year basis. During the same quarter last year, the firm earned $0.45 earnings per share. As a group, equities analysts forecast that Cenovus Energy Inc will post 4.12 earnings per share for the current year.

Institutional Investors Weigh In On Cenovus Energy

Hedge funds have recently bought and sold shares of the stock. Bank of America Corp DE grew its stake in shares of Cenovus Energy by 111.2% in the first quarter. Bank of America Corp DE now owns 22,770,723 shares of the oil and gas company’s stock worth $604,107,000 after acquiring an additional 11,990,405 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Cenovus Energy by 13.6% during the first quarter. The Manufacturers Life Insurance Company now owns 17,730,316 shares of the oil and gas company’s stock worth $470,118,000 after acquiring an additional 2,117,875 shares during the period. GQG Partners LLC acquired a new stake in shares of Cenovus Energy in the second quarter valued at $411,552,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in Cenovus Energy in the second quarter valued at $355,752,000. Finally, Canada Pension Plan Investment Board purchased a new position in Cenovus Energy in the second quarter valued at $261,811,000. 51.19% of the stock is currently owned by institutional investors.

About Cenovus Energy

Cenovus Energy Inc (NYSE:CVE) is an integrated Canadian energy company engaged in the exploration, development, production, transportation, and marketing of crude oil and natural gas. Its upstream operations include oil sands projects in northern Alberta, as well as conventional oil and natural gas assets in Canada.

The company also operates oil sands upgraders, refineries, and related infrastructure. Through its downstream business, Cenovus produces and markets refined petroleum products, including gasoline, diesel, jet fuel, asphalt, and other products.