BMO Capital Markets Lowers Cenovus Energy (NYSE:CVE) Price Target to $31.00

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its target price reduced by stock analysts at BMO Capital Markets from $33.00 to $31.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the oil and gas company’s stock. BMO Capital Markets’ price objective suggests a potential upside of 69.68% from the company’s previous close.

Several other analysts have also recently issued reports on the company. Scotiabank decreased their price objective on Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a report on Friday, July 12th. StockNews.com downgraded shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Monday, September 30th. Finally, TD Securities cut shares of Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.75.

Cenovus Energy Price Performance

CVE stock opened at $18.27 on Friday. The company has a market capitalization of $33.97 billion, a PE ratio of 10.15 and a beta of 2.05. The company’s fifty day moving average price is $17.96 and its 200-day moving average price is $19.35. Cenovus Energy has a one year low of $14.69 and a one year high of $21.90. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.00 and a current ratio of 1.66.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, August 1st. The oil and gas company reported $0.39 EPS for the quarter, missing the consensus estimate of $0.52 by ($0.13). The company had revenue of $10.88 billion for the quarter, compared to the consensus estimate of $9.78 billion. Cenovus Energy had a net margin of 8.56% and a return on equity of 16.61%. On average, equities analysts anticipate that Cenovus Energy will post 1.84 EPS for the current fiscal year.

Institutional Investors Weigh In On Cenovus Energy

Several institutional investors have recently made changes to their positions in CVE. Banque Cantonale Vaudoise purchased a new stake in Cenovus Energy in the 1st quarter worth about $30,000. Wolff Wiese Magana LLC grew its position in shares of Cenovus Energy by 71.4% during the 1st quarter. Wolff Wiese Magana LLC now owns 2,400 shares of the oil and gas company’s stock worth $48,000 after buying an additional 1,000 shares in the last quarter. Massmutual Trust Co. FSB ADV increased its stake in shares of Cenovus Energy by 124.2% during the first quarter. Massmutual Trust Co. FSB ADV now owns 2,558 shares of the oil and gas company’s stock valued at $51,000 after buying an additional 1,417 shares during the period. American National Bank bought a new position in Cenovus Energy during the 1st quarter worth about $52,000. Finally, Benjamin F. Edwards & Company Inc. increased its position in Cenovus Energy by 42.1% during the 1st quarter. Benjamin F. Edwards & Company Inc. now owns 4,827 shares of the oil and gas company’s stock valued at $96,000 after purchasing an additional 1,429 shares during the period. Institutional investors own 51.19% of the company’s stock.

About Cenovus Energy

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.