Cenovus Energy (NYSE:CVE) Lowered to Hold Rating by StockNews.com

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by equities researchers at StockNews.com from a “buy” rating to a “hold” rating in a note issued to investors on Tuesday.

Other research analysts also recently issued reports about the company. BMO Capital Markets lowered their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Stock Performance

Shares of NYSE CVE opened at $14.48 on Tuesday. The company has a market cap of $26.43 billion, a P/E ratio of 9.99 and a beta of 2.02. Cenovus Energy has a 52-week low of $14.44 and a 52-week high of $21.90. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The firm’s fifty day moving average is $16.07 and its two-hundred day moving average is $17.72.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The firm had revenue of $14.20 billion for the quarter, compared to analysts’ expectations of $10.25 billion. During the same period in the previous year, the firm posted $0.72 earnings per share. The business’s revenue was down 17.9% compared to the same quarter last year. As a group, analysts anticipate that Cenovus Energy will post 1.48 EPS for the current fiscal year.

Institutional Investors Weigh In On Cenovus Energy

Institutional investors have recently made changes to their positions in the company. 1832 Asset Management L.P. lifted its stake in Cenovus Energy by 81.1% in the second quarter. 1832 Asset Management L.P. now owns 12,538,499 shares of the oil and gas company’s stock worth $246,507,000 after purchasing an additional 5,613,320 shares during the last quarter. Acadian Asset Management LLC lifted its stake in shares of Cenovus Energy by 32,791.8% during the 2nd quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company’s stock worth $87,246,000 after acquiring an additional 4,426,891 shares during the last quarter. Canada Pension Plan Investment Board boosted its holdings in Cenovus Energy by 2,236.1% during the 2nd quarter. Canada Pension Plan Investment Board now owns 4,610,779 shares of the oil and gas company’s stock valued at $90,608,000 after acquiring an additional 4,413,405 shares during the period. Smead Capital Management Inc. grew its position in Cenovus Energy by 39.3% in the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock valued at $257,831,000 after acquiring an additional 4,351,960 shares during the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in Cenovus Energy by 4,319.1% in the second quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,218,376 shares of the oil and gas company’s stock worth $43,609,000 after purchasing an additional 2,168,176 shares during the period. Institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

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.