Credit Suisse Group Reiterates "Outperform" Rating for Cenovus Energy Inc (CVE)

Credit Suisse Group Reiterates

Several studies suggest that positive earnings surprises not only lead to an immediate hike in a stock's price, but also to a gradual increase over time. Finally, Canaccord Genuity reiterated a "hold" rating and issued a $16.50 price target on shares of Cenovus Energy in a research report on Wednesday, April 26th. The rating was downgraded by Goldman Sachs on Monday, January 23 to "Sell". The company was upgraded on Tuesday, December 1 by Goldman Sachs. The shares were purchased at an average price of C$11.20 per share, for a total transaction of C$56,000.00. Macquarie raised Cenovus Energy from an "underperform" rating to a "neutral" rating in a research report on Thursday, March 30th.

In terms of Buy, Sell or Hold recommendations, Cenovus Energy Inc (NYSE:CVE) has analysts' mean recommendation of 2.4. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is C$20.23.

Shares of Cenovus Energy Inc (TSE:CVE) opened at 11.10 on Friday. Its book value per share for the most recent quarter is $10.41 while its price to book ratio for the same period is 0.82, as for as the company's cash per share for the most recent quarter is $2.09, however its price to cash per share ratio for the same period is 4.08. The firm's market capitalization is $7.22 billion. The company's 50-day moving average price is $13.20 and its 200 day moving average price is $17.09.

Analysts are speculating a 178.3% move, based on the high target price ($22.96) for the shares that is set to reach in the next 12 months.

Yet another important factor while evaluating a good buy/sell decision for Cenovus Energy Inc. The oil and gas company reported ($0.04) earnings per share for the quarter, missing the consensus estimate of $0.02 by $0.06. Cenovus Energy earned a news impact score of 0.16 on Alpha One's scale.

The company's Average Revenue Estimate for the current quarter is $4.57 Billion, while Low and High Revenue Estimates are $3.32 Billion and $5.1 Billion respectively. During the same period past year, the firm earned ($0.51) earnings per share. (CVE) is $14.16/share according to the consensus of analysts working on the stock, with an expected EPS of $0.02/share for the current quarter. Nomura upgraded Cenovus Energy Inc (USA) (NYSE:CVE) on Thursday, January 21 to "Neutral" rating.

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The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Thursday, June 15th will be given a $0.0371 dividend. The ex-dividend date of this dividend is Tuesday, June 13th. Cenovus Energy's dividend payout ratio (DPR) is presently -71.43%.

Hedge funds have recently made changes to their positions in the stock.

The volume of the particular stock is the shares bought and sold in a single trading day. TD Asset Management Inc. now owns 40,979,115 shares of the oil and gas company's stock valued at $462,442,000 after buying an additional 13,092,198 shares in the last quarter. Radnor Capital Management LLC purchased a new stake in shares of Cenovus Energy during the fourth quarter worth approximately $219,000.

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