Cenovus Energy (CVE) Upgraded by Scotiabank to “Buy”

Scotiabank upgraded shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a sector perform rating to a buy rating in a research report released on Tuesday morning, The Fly reports.

CVE has been the subject of several other research reports. Canaccord Genuity reissued a hold rating on shares of Cenovus Energy in a research report on Tuesday, October 16th. Goldman Sachs Group lowered shares of Cenovus Energy from a neutral rating to a sell rating in a research report on Friday, September 7th. CIBC initiated coverage on shares of Cenovus Energy in a research report on Friday, October 5th. They issued a sector outperform rating for the company. TheStreet lowered shares of Cenovus Energy from a c- rating to a d+ rating in a research report on Tuesday, October 2nd. Finally, TD Securities raised shares of Cenovus Energy from a hold rating to a buy rating in a research report on Monday, October 22nd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and six have issued a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $14.33.

Shares of Cenovus Energy stock traded up $0.46 during trading hours on Tuesday, hitting $8.90. The company’s stock had a trading volume of 82,546 shares, compared to its average volume of 3,914,371. Cenovus Energy has a 1-year low of $7.09 and a 1-year high of $11.52. The firm has a market capitalization of $10.44 billion, a P/E ratio of -437.00 and a beta of 0.60. The company has a quick ratio of 0.81, a current ratio of 1.17 and a debt-to-equity ratio of 0.53.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CVE. V Wealth Management LLC acquired a new stake in Cenovus Energy during the 2nd quarter valued at $132,000. Addenda Capital Inc. acquired a new stake in Cenovus Energy during the 2nd quarter valued at $182,000. Cubist Systematic Strategies LLC acquired a new stake in Cenovus Energy during the 2nd quarter valued at $223,000. United Services Automobile Association grew its holdings in Cenovus Energy by 46.5% during the 2nd quarter. United Services Automobile Association now owns 21,948 shares of the oil and gas company’s stock valued at $228,000 after purchasing an additional 6,969 shares in the last quarter. Finally, Natixis acquired a new stake in Cenovus Energy during the 2nd quarter valued at $230,000. 74.26% of the stock is owned by institutional investors and hedge funds.

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 and natural gas in northeast Alberta. This segment's bitumen assets include Foster Creek, Christina Lake, and Narrows Lake, as well as projects in the early stages of development, such as Telephone Lake.

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Analyst Recommendations for Cenovus Energy (NYSE:CVE)

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