Cenovus Energy (NYSE:CVE) Lowered to Neutral at Credit Suisse Group

Credit Suisse Group lowered shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from an outperform rating to a neutral rating in a research note published on Monday, AnalystRatings.net reports. They currently have $7.00 price objective on the oil and gas company’s stock, down from their previous price objective of $8.00.

CVE has been the topic of several other research reports. JPMorgan Chase & Co. cut Cenovus Energy from a neutral rating to an underweight rating in a research note on Thursday, October 1st. They noted that the move was a valuation call. Morgan Stanley cut their target price on Cenovus Energy from $8.00 to $6.00 and set an underweight rating on the stock in a research note on Tuesday, October 20th. UBS Group boosted their target price on Cenovus Energy from $2.70 to $6.00 and gave the company a neutral rating in a research note on Monday, June 29th. Finally, Barclays started coverage on Cenovus Energy in a research note on Wednesday, September 2nd. They issued an overweight rating and a $8.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have assigned a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $6.65.

NYSE CVE opened at $3.32 on Monday. The stock has a market capitalization of $4.08 billion, a price-to-earnings ratio of -3.19 and a beta of 2.75. The stock’s 50 day moving average price is $3.90 and its two-hundred day moving average price is $4.23. The company has a debt-to-equity ratio of 0.47, a quick ratio of 0.72 and a current ratio of 1.23. Cenovus Energy has a 52 week low of $1.41 and a 52 week high of $10.52.

Large investors have recently bought and sold shares of the business. Marshall Wace LLP acquired a new position in shares of Cenovus Energy during the 1st quarter worth approximately $25,000. Engineers Gate Manager LP bought a new stake in shares of Cenovus Energy during the 1st quarter valued at $27,000. JustInvest LLC bought a new stake in shares of Cenovus Energy during the 2nd quarter valued at $54,000. JGP Wealth Management LLC bought a new stake in shares of Cenovus Energy during the 3rd quarter valued at $58,000. Finally, Quilter Plc bought a new stake in shares of Cenovus Energy during the 2nd quarter valued at $59,000. 73.95% of the stock is currently owned by hedge funds and other institutional investors.

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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Analyst Recommendations for Cenovus Energy (NYSE:CVE)

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