Cenovus Energy (TSE:CVE) Stock Upgrade
Goldman gave has just issued a new rating of “Neutral” on shares of Cenovus Energy (TSE:CVE) in an analyst research report disseminated earlier today, which is a boost from the last “Sell” rating for shares. The broker currently has a solid $16 target PPS on Cenovus Energy (TSE:CVE), which suggests downside potential of around -21.65%.
From a total of 23 analysts covering Cenovus Energy Inc (TSE:CVE) stock, 12 rate it a ”Buy”, 3 a “Sell”, and 9 a ”Hold”. This means that 50% of the ratings are positive. The highest target price is $22.44 while the lowest target price is $11.97. The mean of all analyst targets is $17.43 with a 8.53% above today’s ($20.4) stock price. Cenovus Energy Inc was the topic of 9 analyst reports since July 31, 2015 according to the firm StockzIntelligence Inc. Barclays Capital downgraded shares on October 12 to “Underweight” rating. Credit Suisse upgraded CVE stock in a recent report from July 23 to “Outperform” rating.
Approximately 556,921 shares of stock traded hands. Cenovus Energy Inc (TSE:CVE) has declined 14.57% since April 28, 2015 and is downtrending. It has underperformed by 12.95% the S&P500.
Cenovus Energy Inc. is a Canadian integrated oil company. The company has a market cap of $16.75 billion. The Firm is engaged in the business of developing, producing and marketing crude oil, natural gas liquids and natural gas in Canada with refining activities in the United States. It has 24.51 P/E ratio.
According to Zacks Investment Research, “Cenovus Energy is an integrated oil company headquartered in Calgary, Alberta. The Company’s operations include their growing enhanced oil projects and established natural gas and crude oil production in Alberta and Saskatchewan. The Company has four top-quality enhanced oil projects: Foster Creek, Christina Lake, Pelican Lake and Weyburn. Foster Creek, Christina Lake and Pelican Lake are located in northeast Alberta, and Weyburn is in Saskatchewan. The Company also has ownership interest in two high-quality refineries in Illinois and Texas. Cenovus Energy’s ongoing objective is to advance technologies that reduce the amount of water, steam, natural gas and electricity used in their operations and to decrease surface land disturbance.” Get a free copy of the Zacks research report on Cenovus Energy Inc (CVE)