Morgan Stanley Upgrades Cenovus Energy Inc (USA) to Overweight

Brokerage firm Morgan Stanley Upgrades its rating on Cenovus Energy Inc (USA)(NYSE:CVE). The shares have been rated Overweight. Previously, the analysts had a Equal-weight rating on the shares. The rating by Morgan Stanley was issued on Jun 13, 2016.

Cenovus Energy Inc (USA) (CVE) made into the market gainers list on Fridays trading session with the shares advancing 2.18% or 0.3 points. Due to strong positive momentum, the stock ended at $14.05, which is also near the day’s high of $14.39. The stock began the session at $13.92 and the volume stood at 16,49,025 shares. The 52-week high of the shares is $17.76 and the 52 week low is $9.1. The company has a current market capitalization of $11,708 M and it has 83,32,90,000 shares in outstanding.

Cenovus Energy Inc (USA)(CVE) last announced its earnings results on Apr 27, 2016 for Fiscal Year 2016 and Q1.Earnings per share were $-0.40.

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 Cenovus’s 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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