Cenovus Energy (NYSE:CVE) Given New $28.00 Price Target at BMO Capital Markets

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its price target lowered by equities research analysts at BMO Capital Markets from $31.00 to $28.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the oil and gas company’s stock. BMO Capital Markets’ target price points to a potential upside of 78.69% from the stock’s current price.

Several other brokerages also recently issued reports on CVE. Scotiabank lowered their price objective on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. StockNews.com raised shares of Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Monday, October 28th. Finally, TD Securities downgraded shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. One equities research analyst has rated the stock with a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Trading Down 2.5 %

NYSE CVE opened at $15.67 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.00. The firm’s fifty day moving average price is $17.20 and its 200 day moving average price is $18.88. The company has a market capitalization of $28.67 billion, a price-to-earnings ratio of 10.81 and a beta of 2.05. Cenovus Energy has a 12 month low of $14.69 and a 12 month high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its earnings results on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing analysts’ consensus estimates of $0.52 by ($0.13). The company had revenue of $10.88 billion during the quarter, compared to analysts’ expectations of $9.78 billion. Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. On average, sell-side analysts expect that Cenovus Energy will post 1.67 earnings per share for the current fiscal year.

Institutional Trading of Cenovus Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. SVB Wealth LLC lifted its stake in shares of Cenovus Energy by 2.6% in the first quarter. SVB Wealth LLC now owns 19,710 shares of the oil and gas company’s stock valued at $394,000 after purchasing an additional 507 shares during the period. Northwestern Mutual Wealth Management Co. raised its position in Cenovus Energy by 8.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after acquiring an additional 643 shares during the last quarter. Cetera Advisors LLC raised its position in Cenovus Energy by 5.2% during the first quarter. Cetera Advisors LLC now owns 16,347 shares of the oil and gas company’s stock worth $327,000 after acquiring an additional 801 shares during the last quarter. Gold Investment Management Ltd. raised its position in Cenovus Energy by 4.6% during the first quarter. Gold Investment Management Ltd. now owns 18,881 shares of the oil and gas company’s stock worth $378,000 after acquiring an additional 833 shares during the last quarter. Finally, First Hawaiian Bank raised its position in Cenovus Energy by 1.6% during the second quarter. First Hawaiian Bank now owns 69,273 shares of the oil and gas company’s stock worth $1,362,000 after acquiring an additional 1,071 shares during the last quarter. Institutional investors and hedge funds 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.