Cenovus Energy Inc (CVE) : Analyst Rating Update

Cenovus Energy Inc (CVE) : 8 analysts are covering Cenovus Energy Inc (CVE) and their average rating on the stock is 1.88, which is read as a Buy. 3 equity analysts believe that the stock has a bright future and the price doesnt capture all of its upside, hence they rate the stock as a Strong Buy. Cenovus Energy Inc (CVE) also receives 3 more Buy recommendations from analysts who believe that the stock will do well going forward. A Zacks Investment Research rank of 3, which recommends a Hold affirms that they expect a large upside in the stock from the current levels. A total of 2 brokerage firms believe that the stock is fairly valued, hence they advise a Hold on the stock.

Cenovus Energy Inc (CVE) : The consensus price target for Cenovus Energy Inc (CVE) is $18 for the short term with a standard deviation of $3.54. The most optimist securities analyst among the 7 who monitor the stock believes that the stock can reach $23, however, the pessimist price target for the company is $15.

Cenovus Energy Inc (NYSE:CVE): The stock opened at $13.65 on Wednesday but the bulls could not build on the opening and the stock topped out at $13.76 for the day. The stock traded down to $13.50 during the day, due to lack of any buying support eventually closed down at $13.68 with a loss of -0.36% for the day. The stock had closed at $13.73 on the previous day. The total traded volume was 1,167,504 shares.

Also, Equity analysts at the Brokerage firm Morgan Stanley upgrades its rating on Cenovus Energy Inc (NYSE:CVE). The rating major has initiated the coverage with overweight rating on the shares. Earlier, the shares were rated a Equal-weight by the brokerage firm. The rating by the firm was issued on June 13, 2016. The company shares have dropped -6.15% from its 1 Year high price. On Oct 9, 2015, the shares registered one year high at $17.23 and the one year low was seen on Feb 11, 2016. The 50-Day Moving Average price is $14.65 and the 200 Day Moving Average price is recorded at $13.23.

Cenovus Energy Inc. is a Canada-based integrated oil company. The Company is engaged in the development, production and marketing of crude oil, natural gas liquids (NGLs) and natural gas in Canada with refining operations in the United States. The Company operates in four segments: Oil Sands segment, engaged in the development and production of Cenovuss bitumen assets at Foster Creek, Christina Lake and Narrows Lake, as well as projects in the early-stages of development, such as Grand Rapids and Telephone Lake, and Athabasca natural gas assets; Conventional segment, engaged in the development and production of conventional crude oil, natural gas liquids (NGLs) and natural gas in Alberta and Saskatchewan, including the heavy oil assets at Pelican Lake; Refining and Marketing segment, engaged in the transporting, selling and refining crude oil into petroleum and chemical products.

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