Cenovus Energy Inc (NYSE:CVE) was upgraded by equities researchers at Goldman Sachs from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, The Fly reports.

Other hedge funds recently modified their holdings of the company. Cumberland Partners Ltd boosted its stake in shares of Cenovus Energy by 39.4% in the fourth quarter. Cumberland Partners Ltd now owns 1,827,736 shares of the company’s stock worth $23,111,000 after buying an additional 516,645 shares during the last quarter. Capital Fund Management S.A. bought a new stake in shares of Cenovus Energy during the fourth quarter worth approximately $5,194,000. DORCHESTER WEALTH MANAGEMENT Co boosted its stake in shares of Cenovus Energy by 90.7% in the fourth quarter. DORCHESTER WEALTH MANAGEMENT Co now owns 21,574 shares of the company’s stock worth $273,000 after buying an additional 10,260 shares during the last quarter. Russell Frank Co boosted its stake in shares of Cenovus Energy by 6.7% in the fourth quarter. Russell Frank Co now owns 3,988,732 shares of the company’s stock worth $49,973,000 after buying an additional 251,540 shares during the last quarter. Finally, Ferguson Wellman Capital Management Inc. bought a new stake in shares of Cenovus Energy during the fourth quarter worth approximately $723,000.

Shares of Cenovus Energy (NYSE:CVE) traded up 2.08% on Tuesday, reaching $12.25. The company’s stock had a trading volume of 3,981,271 shares. The company has a market capitalization of $10.21 billion and a price-to-earnings ratio of 17.81. Cenovus Energy has a 12-month low of $10.76 and a 12-month high of $21.12. The company’s 50-day moving average is $12.35 and its 200 day moving average is $14.09.

The business also recently declared a quarterly dividend, which was paid on Thursday, December 31st. Shareholders of record on Tuesday, December 15th were given a $0.1215 dividend. This represents a $0.49 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date of this dividend was Friday, December 11th.

CVE has been the topic of a number of other reports. Scotiabank lowered their price target on Cenovus Energy from $27.00 to $25.00 in a report on Tuesday, September 29th. Zacks Investment Research raised Cenovus Energy from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a report on Tuesday, October 13th. Nomura raised Cenovus Energy from a “reduce” rating to a “neutral” rating in a report on Thursday, January 21st. JPMorgan Chase & Co. reaffirmed a “neutral” rating and set a $18.00 price target (down from $19.00) on shares of Cenovus Energy in a report on Tuesday, December 15th. Finally, FirstEnergy Capital reaffirmed an “outperform” rating and set a $22.00 price target (down from $23.00) on shares of Cenovus Energy in a report on Tuesday, December 15th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating and seven have assigned a buy rating to the company’s stock. Cenovus Energy has a consensus rating of “Hold” and a consensus price target of $21.57.

Cenovus Energy Inc. is a Canadian integrated oil company. The Company is engaged in the business of developing, producing and marketing crude oil, natural gas liquids (NYSE:CVE) 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, 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, and Corporate and Eliminations segment.

12 Month Chart for NYSE:CVE

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