Cenovus Energy’s (CVE) Hold Rating Reaffirmed at Canaccord Genuity

Cenovus Energy (NYSE:CVE) (TSE:CVE)‘s stock had its “hold” rating reissued by Canaccord Genuity in a research note issued to investors on Tuesday.

CVE has been the subject of several other reports. JPMorgan Chase & Co. raised shares of Cenovus Energy from a “neutral” rating to an “overweight” rating in a report on Monday, September 10th. Macquarie raised shares of Cenovus Energy from an “underperform” rating to a “neutral” rating in a report on Wednesday, August 1st. CIBC assumed coverage on shares of Cenovus Energy in a report on Friday, October 5th. They set a “sector outperform” rating for the company. TheStreet cut shares of Cenovus Energy from a “c-” rating to a “d+” rating in a report on Tuesday, October 2nd. Finally, Goldman Sachs Group cut shares of Cenovus Energy from a “neutral” rating to a “sell” rating in a report on Friday, September 7th. Two equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $14.08.

Shares of NYSE:CVE traded up $0.31 on Tuesday, reaching $8.78. The company’s stock had a trading volume of 359,034 shares, compared to its average volume of 3,958,605. Cenovus Energy has a 52-week low of $7.09 and a 52-week high of $11.52. The company has a debt-to-equity ratio of 0.53, a quick ratio of 0.81 and a current ratio of 1.17. The stock has a market capitalization of $12.32 billion, a price-to-earnings ratio of -439.00 and a beta of 0.59.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its earnings results on Thursday, July 26th. The oil and gas company reported ($0.19) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.21). Cenovus Energy had a negative net margin of 2.56% and a negative return on equity of 6.66%. The business had revenue of $4.67 billion during the quarter, compared to analysts’ expectations of $4.25 billion. During the same period in the previous year, the company posted $0.36 earnings per share. As a group, research analysts forecast that Cenovus Energy will post -0.36 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. DORCHESTER WEALTH MANAGEMENT Co grew its position in Cenovus Energy by 5.6% during the third quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 459,075 shares of the oil and gas company’s stock worth $4,600,000 after buying an additional 24,546 shares during the period. United Services Automobile Association grew its position in Cenovus Energy by 46.5% during the second quarter. United Services Automobile Association now owns 21,948 shares of the oil and gas company’s stock worth $228,000 after buying an additional 6,969 shares during the period. Northern Trust Corp grew its position in Cenovus Energy by 8.8% during the second quarter. Northern Trust Corp now owns 1,046,958 shares of the oil and gas company’s stock worth $10,868,000 after buying an additional 84,564 shares during the period. Nomura Holdings Inc. grew its position in Cenovus Energy by 119.5% during the second quarter. Nomura Holdings Inc. now owns 35,282 shares of the oil and gas company’s stock worth $366,000 after buying an additional 216,426 shares during the period. Finally, Bank of Nova Scotia grew its position in Cenovus Energy by 6.4% during the second quarter. Bank of Nova Scotia now owns 3,775,862 shares of the oil and gas company’s stock worth $39,058,000 after buying an additional 227,001 shares during the period. 74.56% of the stock is owned by hedge funds and other institutional investors.

Cenovus Energy Company Profile

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 and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.

Recommended Story: Technical Analysis of Stocks and What It Means

Analyst Recommendations for Cenovus Energy (NYSE:CVE)

Receive News & Ratings for Cenovus Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cenovus Energy and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply