Cenovus Energy (TSE:CVE) Upgraded to “Strong-Buy” by TD Securities

Cenovus Energy (TSE:CVE) (NYSE:CVE) was upgraded by equities researchers at TD Securities from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday, Zacks.com reports.

Other equities research analysts have also recently issued reports about the company. National Bankshares reduced their target price on Cenovus Energy from C$38.00 to C$31.00 in a report on Friday, September 27th. Royal Bank of Canada reduced their price objective on Cenovus Energy from C$33.00 to C$29.00 in a research note on Tuesday, September 17th. Jefferies Financial Group reduced their price objective on Cenovus Energy from C$36.00 to C$33.00 and set a “buy” rating on the stock in a research note on Monday, September 16th. Scotiabank reduced their price objective on Cenovus Energy from C$35.00 to C$34.00 in a research note on Friday, July 12th. Finally, Desjardins boosted their price objective on Cenovus Energy from C$31.50 to C$33.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Eight research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and an average price target of C$32.77.

Cenovus Energy Price Performance

Shares of Cenovus Energy stock opened at C$24.80 on Thursday. The stock’s 50-day simple moving average is C$24.48 and its 200-day simple moving average is C$26.42. Cenovus Energy has a 52 week low of C$19.82 and a 52 week high of C$29.96. The company has a market capitalization of C$46.13 billion, a price-to-earnings ratio of 9.88, a PEG ratio of 0.09 and a beta of 2.67. The company has a quick ratio of 1.00, a current ratio of 1.66 and a debt-to-equity ratio of 33.34.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last announced its quarterly earnings data on Thursday, August 1st. The company reported C$0.53 EPS for the quarter, missing the consensus estimate of C$0.72 by C($0.19). Cenovus Energy had a net margin of 8.54% and a return on equity of 16.69%. The business had revenue of C$14.89 billion during the quarter, compared to analysts’ expectations of C$13.44 billion. As a group, analysts expect that Cenovus Energy will post 2.0660125 earnings per share for the current fiscal year.

Insider Buying and Selling at Cenovus Energy

In other news, Senior Officer Jeffery George Lawson purchased 9,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was purchased at an average price of C$21.92 per share, for a total transaction of C$197,280.00. In other news, Senior Officer Geoffrey Murray purchased 3,200 shares of the stock in a transaction that occurred on Tuesday, September 17th. The stock was purchased at an average price of C$22.54 per share, for a total transaction of C$72,112.00. Also, Senior Officer Jeffery George Lawson purchased 9,000 shares of the stock in a transaction that occurred on Tuesday, September 10th. The stock was purchased at an average price of C$21.92 per share, with a total value of C$197,280.00. Insiders acquired 152,200 shares of company stock worth $3,459,477 over the last 90 days. Company insiders own 32.03% 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.