Cenovus Energy (NYSE:CVE) PT Raised to $6.00 at UBS Group

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its price target upped by UBS Group from $2.70 to $6.00 in a research report issued to clients and investors on Monday, Stock Target Advisor reports. The firm presently has a “neutral” rating on the oil and gas company’s stock. UBS Group’s price objective suggests a potential upside of 28.21% from the company’s current price.

A number of other analysts have also recently commented on CVE. TD Securities reduced their price target on Cenovus Energy from $16.50 to $6.00 and set a “buy” rating for the company in a research report on Friday, March 13th. Stifel Firstegy cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Thursday, March 19th. ValuEngine upgraded Cenovus Energy from a “hold” rating to a “buy” rating in a research report on Friday, May 1st. Zacks Investment Research cut Cenovus Energy from a “hold” rating to a “sell” rating and set a $4.00 target price for the company. in a research report on Monday, May 11th. Finally, Scotiabank cut Cenovus Energy from an “outperform” rating to a “sector perform” rating and set a $6.50 target price for the company. in a research report on Thursday, June 11th. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $9.33.

CVE stock opened at $4.68 on Monday. Cenovus Energy has a fifty-two week low of $1.41 and a fifty-two week high of $10.82. The business’s 50-day moving average is $4.45 and its two-hundred day moving average is $5.97. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.43 and a current ratio of 0.71. The company has a market cap of $5.47 billion, a price-to-earnings ratio of 26.00 and a beta of 2.65.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last issued its quarterly earnings results on Wednesday, April 29th. The oil and gas company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.19) by ($0.53). The company had revenue of $2.99 billion during the quarter, compared to analysts’ expectations of $3.23 billion. Cenovus Energy had a negative return on equity of 4.25% and a net margin of 1.48%. Equities analysts predict that Cenovus Energy will post -1.54 earnings per share for the current year.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Northwestern Mutual Wealth Management Co. grew its holdings in Cenovus Energy by 93.5% during the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 28,559 shares of the oil and gas company’s stock valued at $58,000 after buying an additional 13,801 shares in the last quarter. Geode Capital Management LLC grew its holdings in Cenovus Energy by 14.5% during the 4th quarter. Geode Capital Management LLC now owns 1,473,601 shares of the oil and gas company’s stock valued at $14,866,000 after buying an additional 186,325 shares in the last quarter. Janus Henderson Group PLC grew its holdings in Cenovus Energy by 109.8% during the 4th quarter. Janus Henderson Group PLC now owns 527,084 shares of the oil and gas company’s stock valued at $5,366,000 after buying an additional 275,900 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Cenovus Energy by 57.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,769,006 shares of the oil and gas company’s stock valued at $89,262,000 after buying an additional 3,191,471 shares in the last quarter. Finally, Russell Investments Group Ltd. grew its holdings in Cenovus Energy by 744.4% during the 1st quarter. Russell Investments Group Ltd. now owns 5,204,531 shares of the oil and gas company’s stock valued at $10,398,000 after buying an additional 4,588,138 shares in the last quarter. Institutional investors and hedge funds own 75.75% of the company’s stock.

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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