Cenovus Energy (NYSE:CVE) Downgraded to Sector Perform Rating by National Bank Financial

Cenovus Energy (NYSE:CVE) (TSE:CVE) was downgraded by research analysts at National Bank Financial from an “outperform” rating to a “sector perform” rating in a report released on Friday, Marketbeat reports.

CVE has been the topic of a number of other research reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $28.00 price target on shares of Cenovus Energy in a research note on Monday, January 6th. StockNews.com lowered shares of Cenovus Energy from a “buy” rating to a “hold” rating in a research note on Saturday, December 28th. Finally, BMO Capital Markets decreased their price target on shares of Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Three research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $29.25.

Cenovus Energy Stock Down 4.5 %

Shares of CVE stock opened at $14.61 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.95 and a current ratio of 1.59. The firm’s 50-day moving average is $14.99 and its 200-day moving average is $16.29. The stock has a market cap of $26.64 billion, a price-to-earnings ratio of 12.07 and a beta of 1.99. Cenovus Energy has a 52-week low of $13.76 and a 52-week high of $21.90.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings results on Thursday, February 20th. The oil and gas company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.32 by ($0.27). Cenovus Energy had a net margin of 5.82% and a return on equity of 10.73%. The company had revenue of $8.40 billion during the quarter, compared to analyst estimates of $11.08 billion. Sell-side analysts predict that Cenovus Energy will post 1.49 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in CVE. Truvestments Capital LLC acquired a new position in shares of Cenovus Energy during the 3rd quarter worth approximately $25,000. Farther Finance Advisors LLC boosted its position in shares of Cenovus Energy by 104.9% during the 4th quarter. Farther Finance Advisors LLC now owns 1,662 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 851 shares in the last quarter. Blue Trust Inc. boosted its position in shares of Cenovus Energy by 640.3% during the 3rd quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock worth $51,000 after acquiring an additional 2,651 shares in the last quarter. Sierra Ocean LLC acquired a new stake in shares of Cenovus Energy during the 4th quarter worth approximately $67,000. Finally, Natixis acquired a new stake in shares of Cenovus Energy during the 4th quarter worth approximately $98,000. Institutional investors and hedge funds 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.