Royal Bank of Canada Reaffirms Outperform Rating for Cenovus Energy (NYSE:CVE)

Cenovus Energy (NYSE:CVE) (TSE:CVE)‘s stock had its “outperform” rating reaffirmed by analysts at Royal Bank of Canada in a note issued to investors on Monday,Benzinga reports. They presently have a $28.00 price objective on the oil and gas company’s stock. Royal Bank of Canada’s price objective points to a potential upside of 79.49% from the company’s previous close.

Other equities research analysts also recently issued reports about the stock. BMO Capital Markets reduced their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating for the company in a research report on Friday, November 1st. TD Securities downgraded Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Finally, StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Saturday, December 28th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $30.00.

Cenovus Energy Trading Up 1.0 %

NYSE CVE opened at $15.60 on Monday. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $28.47 billion, a P/E ratio of 10.76 and a beta of 2.01. Cenovus Energy has a 52-week low of $14.20 and a 52-week high of $21.90. The firm has a 50-day moving average price of $15.48 and a 200 day moving average price of $17.32.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last posted its quarterly earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. The firm had revenue of $14.20 billion for the quarter, compared to the consensus estimate of $10.25 billion. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The company’s revenue for the quarter was down 17.9% compared to the same quarter last year. During the same period in the previous year, the business earned $0.72 earnings per share. Equities research analysts expect that Cenovus Energy will post 1.48 EPS for the current year.

Institutional Trading of Cenovus Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Smead Capital Management Inc. boosted its stake in shares of Cenovus Energy by 39.3% during the 3rd quarter. Smead Capital Management Inc. now owns 15,416,146 shares of the oil and gas company’s stock worth $257,831,000 after purchasing an additional 4,351,960 shares during the last quarter. HITE Hedge Asset Management LLC acquired a new stake in Cenovus Energy during the third quarter worth approximately $11,569,000. Entropy Technologies LP purchased a new stake in Cenovus Energy in the 3rd quarter worth approximately $3,472,000. Two Sigma Advisers LP raised its holdings in Cenovus Energy by 44.1% in the 3rd quarter. Two Sigma Advisers LP now owns 1,284,600 shares of the oil and gas company’s stock valued at $21,491,000 after acquiring an additional 393,100 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of Cenovus Energy by 11.2% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,653,192 shares of the oil and gas company’s stock worth $61,163,000 after purchasing an additional 369,021 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.