Cenovus Energy (TSE:CVE) Cut to Underweight at Morgan Stanley

Cenovus Energy (TSE:CVE) (NYSE:CVE) was downgraded by Morgan Stanley from an “equal weight” rating to an “underweight” rating in a research note issued on Wednesday, BayStreet.CA reports.

Other equities research analysts also recently issued reports about the company. Tudor Pickering & Holt reaffirmed a “buy” rating on shares of Cenovus Energy in a report on Thursday, October 3rd. Canaccord Genuity reduced their target price on Cenovus Energy from C$15.00 to C$13.50 in a report on Tuesday, July 9th. BMO Capital Markets upped their target price on Cenovus Energy from C$15.00 to C$16.00 in a report on Friday, July 26th. CIBC reduced their target price on Cenovus Energy from C$16.50 to C$16.00 in a report on Tuesday, October 15th. Finally, GMP Securities reduced their target price on Cenovus Energy from C$15.00 to C$14.50 in a report on Friday, July 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus price target of C$14.93.

Shares of TSE CVE opened at C$11.48 on Wednesday. Cenovus Energy has a 12 month low of C$8.74 and a 12 month high of C$14.31. The company has a market cap of $13.90 billion and a price-to-earnings ratio of 47.44. The company has a quick ratio of 0.53, a current ratio of 1.02 and a debt-to-equity ratio of 45.66. The business has a fifty day simple moving average of C$12.05 and a 200-day simple moving average of C$11.93.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its earnings results on Thursday, July 25th. The company reported C$0.22 EPS for the quarter, missing the consensus estimate of C$0.30 by C($0.08). The firm had revenue of C$5.93 billion during the quarter, compared to analyst estimates of C$5.78 billion. As a group, sell-side analysts expect that Cenovus Energy will post 0.5915418 EPS for the current fiscal year.

In other Cenovus Energy news, Senior Officer Keith Chiasson acquired 10,000 shares of Cenovus Energy stock in a transaction that occurred on Thursday, August 29th. The stock was purchased at an average cost of C$11.73 per share, with a total value of C$117,303.00. Following the purchase, the insider now owns 26,850 shares in the company, valued at C$314,958.56.

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 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 (TSE:CVE)

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