Cenovus Energy Inc (NYSE:CVE) Receives Average Recommendation of “Hold” from Brokerages

Cenovus Energy Inc (NYSE:CVE) (TSE:CVE) has been given an average recommendation of “Hold” by the seventeen ratings firms that are currently covering the firm, Marketbeat.com reports. Two investment analysts have rated the stock with a sell recommendation, four have given a hold recommendation and nine have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have updated their coverage on the stock in the last year is $14.22.

Several brokerages have recently weighed in on CVE. CIBC set a $16.00 price objective on shares of Cenovus Energy and gave the stock a “buy” rating in a research report on Tuesday, October 15th. Goldman Sachs Group upgraded shares of Cenovus Energy from a “neutral” rating to a “buy” rating and set a $12.00 price objective for the company in a research report on Thursday, September 26th. Royal Bank of Canada reduced their price objective on shares of Cenovus Energy from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, October 18th. ValuEngine downgraded shares of Cenovus Energy from a “hold” rating to a “sell” rating in a research report on Monday. Finally, Raymond James set a $13.00 price objective on shares of Cenovus Energy and gave the stock a “hold” rating in a research report on Saturday, November 2nd.

Shares of NYSE:CVE opened at $9.25 on Thursday. The company has a market capitalization of $11.50 billion, a PE ratio of -5.32, a P/E/G ratio of 1.25 and a beta of 0.94. The company has a current ratio of 1.12, a quick ratio of 0.60 and a debt-to-equity ratio of 0.42. Cenovus Energy has a twelve month low of $6.15 and a twelve month high of $10.82. The firm has a 50 day simple moving average of $8.86 and a 200-day simple moving average of $8.88.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.15 by $0.08. The business had revenue of $4.70 billion during the quarter, compared to the consensus estimate of $5.33 billion. Cenovus Energy had a net margin of 3.41% and a negative return on equity of 5.76%. The company’s revenue was down 20.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.20) EPS. As a group, equities research analysts predict that Cenovus Energy will post 0.46 EPS for the current fiscal year.

Institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. increased its holdings in shares of Cenovus Energy by 47.1% in the 2nd quarter. JPMorgan Chase & Co. now owns 2,936,385 shares of the oil and gas company’s stock valued at $25,988,000 after acquiring an additional 940,589 shares during the period. Lincluden Management Ltd. increased its holdings in shares of Cenovus Energy by 10.2% in the 2nd quarter. Lincluden Management Ltd. now owns 5,891,532 shares of the oil and gas company’s stock valued at $52,649,000 after acquiring an additional 544,920 shares during the period. Atlas Capital Advisors LLC increased its holdings in shares of Cenovus Energy by 45.4% in the 3rd quarter. Atlas Capital Advisors LLC now owns 4,998 shares of the oil and gas company’s stock valued at $47,000 after acquiring an additional 1,560 shares during the period. Ontario Teachers Pension Plan Board acquired a new position in shares of Cenovus Energy in the 2nd quarter valued at $310,000. Finally, Capital Fund Management S.A. increased its holdings in shares of Cenovus Energy by 422.2% in the 2nd quarter. Capital Fund Management S.A. now owns 142,981 shares of the oil and gas company’s stock valued at $1,261,000 after acquiring an additional 115,600 shares during the period. 76.83% of the stock is currently owned by institutional investors and hedge funds.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, and markets crude oil, natural gas liquids, and natural gas in Canada and the United States. The company's Oil Sands segment develops and produces bitumen in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as other projects in the early stages of development, such as Telephone Lake.

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Analyst Recommendations for Cenovus Energy (NYSE:CVE)

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