Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has been assigned a $15.00 target price by stock analysts at Morgan Stanley in a note issued to investors on Friday. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Morgan Stanley’s target price indicates a potential upside of 56.74% from the stock’s previous close.
Other analysts have also recently issued reports about the company. Canaccord Genuity upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Wednesday, June 21st. Zacks Investment Research upgraded Cenovus Energy from a “hold” rating to a “buy” rating and set a $8.25 price target for the company in a research report on Tuesday, July 25th. ValuEngine upgraded Cenovus Energy from a “sell” rating to a “hold” rating in a research report on Friday, July 28th. Goldman Sachs Group, Inc. (The) reiterated a “neutral” rating and set a $8.00 price target on shares of Cenovus Energy in a research report on Thursday, June 22nd. Finally, Barclays PLC reiterated an “overweight” rating and set a $22.00 price target (up from $15.00) on shares of Cenovus Energy in a research report on Wednesday, July 12th. Four analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the stock. Cenovus Energy presently has an average rating of “Hold” and a consensus price target of $16.84.
Shares of Cenovus Energy (NYSE CVE) traded up 1.67% during midday trading on Friday, reaching $9.73. 1,222,341 shares of the company’s stock were exchanged. The stock has a market cap of $11.96 billion, a P/E ratio of 3.97 and a beta of 0.60. Cenovus Energy has a one year low of $6.76 and a one year high of $16.82. The company’s 50-day moving average is $9.09 and its 200-day moving average is $8.92.
Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Thursday, July 27th. The oil and gas company reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.03 by $0.24. Cenovus Energy had a return on equity of 3.20% and a net margin of 17.89%. The firm had revenue of $3.03 billion during the quarter, compared to analysts’ expectations of $3.40 billion. During the same period in the previous year, the business earned ($0.05) earnings per share. Equities analysts expect that Cenovus Energy will post $0.48 earnings per share for the current fiscal year.
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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Burgundy Asset Management Ltd. boosted its stake in Cenovus Energy by 49.0% during the second quarter. Burgundy Asset Management Ltd. now owns 25,289,102 shares of the oil and gas company’s stock worth $186,301,000 after buying an additional 8,322,165 shares during the last quarter. Dynamic Technology Lab Private Ltd boosted its stake in Cenovus Energy by 12.1% during the second quarter. Dynamic Technology Lab Private Ltd now owns 28,063 shares of the oil and gas company’s stock worth $207,000 after buying an additional 3,021 shares during the last quarter. Koch Industries Inc. acquired a new position in Cenovus Energy during the second quarter worth $172,000. Verition Fund Management LLC boosted its stake in Cenovus Energy by 22.7% during the second quarter. Verition Fund Management LLC now owns 22,856 shares of the oil and gas company’s stock worth $168,000 after buying an additional 4,233 shares during the last quarter. Finally, Scotia Capital Inc. boosted its stake in Cenovus Energy by 37.9% during the second quarter. Scotia Capital Inc. now owns 2,783,442 shares of the oil and gas company’s stock worth $20,499,000 after buying an additional 764,869 shares during the last quarter. 56.17% of the stock is currently owned by institutional investors.
About Cenovus Energy
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