Cenovus Energy (NYSE:CVE) Downgraded to Hold Rating by Scotiabank

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by analysts at Scotiabank from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other research analysts have also recently weighed in on the company. Zacks Research upgraded Cenovus Energy from a “hold” rating to a “strong-buy” rating in a report on Tuesday, December 16th. TD Securities restated a “buy” rating on shares of Cenovus Energy in a research note on Wednesday, December 3rd. Morgan Stanley reaffirmed an “overweight” rating on shares of Cenovus Energy in a research note on Thursday, November 20th. Raymond James Financial upgraded Cenovus Energy from an “outperform” rating to a “strong-buy” rating in a report on Thursday, October 9th. Finally, BMO Capital Markets set a $29.00 target price on shares of Cenovus Energy in a research report on Monday, November 17th. Three investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and a consensus target price of $27.00.

Cenovus Energy Stock Performance

Shares of CVE stock opened at $17.67 on Tuesday. Cenovus Energy has a one year low of $10.23 and a one year high of $18.75. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.18 and a current ratio of 1.73. The company has a 50 day moving average price of $17.44 and a 200 day moving average price of $16.62. The firm has a market capitalization of $33.29 billion, a price-to-earnings ratio of 14.49 and a beta of 0.49.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Friday, October 31st. The oil and gas company reported $0.52 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.12. Cenovus Energy had a net margin of 6.23% and a return on equity of 10.73%. The company had revenue of $10.87 billion for the quarter, compared to analyst estimates of $12.51 billion. During the same quarter last year, the business earned $0.42 EPS. Cenovus Energy’s revenue for the quarter was down 7.0% on a year-over-year basis. Sell-side analysts anticipate that Cenovus Energy will post 1.49 EPS for the current year.

Institutional Investors Weigh In On Cenovus Energy

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CVE. Atlantic Union Bankshares Corp acquired a new stake in shares of Cenovus Energy during the second quarter valued at about $27,000. Allworth Financial LP boosted its holdings in Cenovus Energy by 104.3% in the second quarter. Allworth Financial LP now owns 2,288 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 1,168 shares during the last quarter. Geneos Wealth Management Inc. boosted its holdings in Cenovus Energy by 74.1% in the second quarter. Geneos Wealth Management Inc. now owns 3,253 shares of the oil and gas company’s stock valued at $44,000 after purchasing an additional 1,384 shares during the last quarter. Advisory Services Network LLC acquired a new stake in Cenovus Energy during the 3rd quarter valued at approximately $50,000. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Cenovus Energy by 39.9% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 4,205 shares of the oil and gas company’s stock worth $57,000 after purchasing an additional 1,199 shares during the last quarter. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Company Profile

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.