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

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by analysts at StockNews.com from a “buy” rating to a “hold” rating in a research note issued on Saturday.

A number of other equities analysts also recently issued reports on CVE. BMO Capital Markets decreased their price objective on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a report on Friday, November 1st. TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Trading Down 0.3 %

Shares of CVE opened at $14.64 on Friday. Cenovus Energy has a 1-year low of $14.20 and a 1-year high of $21.90. The company has a current ratio of 1.59, a quick ratio of 0.95 and a debt-to-equity ratio of 0.24. The firm’s 50-day moving average price is $15.70 and its 200-day moving average price is $17.49. The firm has a market capitalization of $26.72 billion, a price-to-earnings ratio of 10.10 and a beta of 2.02.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating 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 business 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 EPS. The business’s revenue was down 17.9% on a year-over-year basis. Sell-side analysts anticipate that Cenovus Energy will post 1.48 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Arkadios Wealth Advisors bought a new stake in Cenovus Energy in the 2nd quarter worth about $325,000. NewGen Asset Management Ltd grew its stake in shares of Cenovus Energy by 1.6% in the second quarter. NewGen Asset Management Ltd now owns 320,000 shares of the oil and gas company’s stock worth $6,291,000 after acquiring an additional 5,000 shares during the period. Mraz Amerine & Associates Inc. raised its holdings in shares of Cenovus Energy by 25.3% during the second quarter. Mraz Amerine & Associates Inc. now owns 54,511 shares of the oil and gas company’s stock valued at $1,072,000 after purchasing an additional 10,996 shares during the last quarter. Acadian Asset Management LLC lifted its position in Cenovus Energy by 32,791.8% during the second quarter. Acadian Asset Management LLC now owns 4,440,391 shares of the oil and gas company’s stock valued at $87,246,000 after purchasing an additional 4,426,891 shares during the period. Finally, United Services Automobile Association boosted its holdings in Cenovus Energy by 1.6% in the second quarter. United Services Automobile Association now owns 427,405 shares of the oil and gas company’s stock worth $8,401,000 after purchasing an additional 6,732 shares during the last quarter. 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.