Cenovus Energy (NYSE:CVE) Stock Rating Lowered 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 note issued to investors on Monday.

Separately, Scotiabank reduced their price objective on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Cenovus Energy presently has an average rating of “Moderate Buy” and a consensus target price of $30.67.

Cenovus Energy Price Performance

Shares of NYSE:CVE opened at $17.17 on Monday. The stock has a market cap of $31.92 billion, a price-to-earnings ratio of 9.54 and a beta of 2.05. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.66 and a quick ratio of 1.00. Cenovus Energy has a 12 month low of $14.69 and a 12 month high of $21.90. The stock’s 50 day moving average price is $18.07 and its 200 day moving average price is $19.38.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings data 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). Cenovus Energy had a return on equity of 16.61% and a net margin of 8.56%. The firm had revenue of $10.88 billion during the quarter, compared to the consensus estimate of $9.78 billion. Equities research analysts anticipate that Cenovus Energy will post 1.84 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Cenovus Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Capital World Investors lifted its stake in Cenovus Energy by 5.4% during the fourth quarter. Capital World Investors now owns 150,534,829 shares of the oil and gas company’s stock valued at $2,508,185,000 after buying an additional 7,750,480 shares in the last quarter. Vanguard Group Inc. grew its position in Cenovus Energy by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 48,563,284 shares of the oil and gas company’s stock worth $970,780,000 after purchasing an additional 1,008,341 shares in the last quarter. Boston Partners grew its position in Cenovus Energy by 29.0% during the 1st quarter. Boston Partners now owns 37,540,511 shares of the oil and gas company’s stock worth $750,435,000 after purchasing an additional 8,438,979 shares in the last quarter. Capital International Investors raised its stake in Cenovus Energy by 216.3% during the 1st quarter. Capital International Investors now owns 33,927,436 shares of the oil and gas company’s stock valued at $678,250,000 after purchasing an additional 23,202,018 shares during the period. Finally, 1832 Asset Management L.P. lifted its holdings in shares of 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 valued at $246,507,000 after purchasing an additional 5,613,320 shares in the last quarter. Institutional investors and hedge funds 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.