Cenovus Energy (NYSE:CVE) Given New $30.00 Price Target at Morgan Stanley

Cenovus Energy (NYSE:CVE) (TSE:CVE) had its target price lifted by equities research analysts at Morgan Stanley from $28.00 to $30.00 in a note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “overweight” rating on the oil and gas company’s stock. Morgan Stanley’s price objective would indicate a potential upside of 50.23% from the stock’s current price.

Several other brokerages have also issued reports on CVE. Royal Bank of Canada reiterated an “outperform” rating and set a $28.00 price target on shares of Cenovus Energy in a report on Friday, January 26th. UBS Group upgraded Cenovus Energy from a “neutral” rating to a “buy” rating in a report on Friday, February 23rd. Finally, StockNews.com lowered Cenovus Energy from a “buy” rating to a “hold” rating in a report on Thursday, November 30th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, Cenovus Energy has an average rating of “Moderate Buy” and an average price target of $26.67.

Cenovus Energy Stock Up 0.7 %

NYSE CVE traded up $0.13 during trading on Thursday, reaching $19.97. 3,929,233 shares of the company’s stock were exchanged, compared to its average volume of 11,772,472. Cenovus Energy has a fifty-two week low of $14.69 and a fifty-two week high of $21.37. The firm has a market capitalization of $37.27 billion, a PE ratio of 12.66 and a beta of 2.13. The company has a current ratio of 1.56, a quick ratio of 0.91 and a debt-to-equity ratio of 0.25. The company’s fifty day simple moving average is $17.25 and its 200-day simple moving average is $17.95.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last announced its quarterly earnings data on Thursday, February 15th. The oil and gas company reported $0.29 EPS for the quarter, topping analysts’ consensus estimates of $0.25 by $0.04. The firm had revenue of $9.65 billion during the quarter, compared to analyst estimates of $9.73 billion. Cenovus Energy had a return on equity of 14.85% and a net margin of 7.88%. During the same period last year, the company posted $0.29 EPS. Sell-side analysts predict that Cenovus Energy will post 1.73 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. Wahed Invest LLC increased its position in Cenovus Energy by 10.4% in the 4th quarter. Wahed Invest LLC now owns 10,563 shares of the oil and gas company’s stock worth $177,000 after buying an additional 995 shares during the period. SageView Advisory Group LLC bought a new position in Cenovus Energy in the 4th quarter worth approximately $165,000. V Square Quantitative Management LLC bought a new position in Cenovus Energy in the 4th quarter worth approximately $363,000. DRW Securities LLC increased its position in Cenovus Energy by 56.0% in the 4th quarter. DRW Securities LLC now owns 117,000 shares of the oil and gas company’s stock worth $1,948,000 after buying an additional 42,000 shares during the period. Finally, Legal & General Group Plc increased its position in Cenovus Energy by 28.6% in the 4th quarter. Legal & General Group Plc now owns 7,805,244 shares of the oil and gas company’s stock worth $130,695,000 after buying an additional 1,735,046 shares during the period. 51.19% of the stock is owned by institutional investors.

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.