Cenovus Energy (NYSE:CVE) PT Lowered to $34.00

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its target price lowered by stock analysts at Scotiabank from $35.00 to $34.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a “sector outperform” rating on the oil and gas company’s stock. Scotiabank’s target price points to a potential upside of 70.85% from the stock’s previous close.

CVE has been the subject of a number of other reports. StockNews.com raised Cenovus Energy from a “buy” rating to a “strong-buy” rating in a research report on Friday, July 5th. Raymond James raised shares of Cenovus Energy to a “moderate buy” rating in a research report on Tuesday, May 28th. Finally, Morgan Stanley boosted their price target on shares of Cenovus Energy from $28.00 to $30.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Four analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $30.67.

Cenovus Energy Stock Up 0.1 %

Cenovus Energy stock opened at $19.90 on Friday. The firm has a market capitalization of $37.00 billion, a price-to-earnings ratio of 11.06 and a beta of 2.07. The firm’s fifty day moving average price is $19.74 and its two-hundred day moving average price is $18.69. Cenovus Energy has a 1-year low of $14.69 and a 1-year high of $21.90. The company has a current ratio of 1.70, a quick ratio of 1.01 and a debt-to-equity ratio of 0.25.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings results on Wednesday, May 1st. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.11. The business had revenue of $9.94 billion during the quarter, compared to the consensus estimate of $9.98 billion. Cenovus Energy had a return on equity of 16.53% and a net margin of 8.73%. On average, equities research analysts predict that Cenovus Energy will post 2.04 earnings per share for the current fiscal year.

Institutional Trading of Cenovus Energy

A number of large investors have recently added to or reduced their stakes in CVE. Deutsche Bank AG grew its holdings in Cenovus Energy by 16.2% during the third quarter. Deutsche Bank AG now owns 1,422,158 shares of the oil and gas company’s stock valued at $29,609,000 after purchasing an additional 198,062 shares during the period. American Century Companies Inc. lifted its stake in shares of Cenovus Energy by 4.0% during the 3rd quarter. American Century Companies Inc. now owns 662,694 shares of the oil and gas company’s stock valued at $13,798,000 after buying an additional 25,521 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Cenovus Energy by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 49,480,149 shares of the oil and gas company’s stock worth $1,030,177,000 after buying an additional 690,057 shares during the period. Foundation Resource Management Inc. grew its stake in Cenovus Energy by 3.1% in the 4th quarter. Foundation Resource Management Inc. now owns 401,395 shares of the oil and gas company’s stock valued at $6,683,000 after buying an additional 12,105 shares in the last quarter. Finally, Mutual Advisors LLC raised its holdings in Cenovus Energy by 43.6% during the 4th quarter. Mutual Advisors LLC now owns 28,831 shares of the oil and gas company’s stock valued at $480,000 after acquiring an additional 8,750 shares during the period. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Company Profile

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.