Economy

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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