Cenovus Energy (NYSE:CVE) Stock Rating Lowered by StockNews.com

StockNews.com cut shares of Cenovus Energy (NYSE:CVE) (TSE:CVE) from a buy rating to a hold rating in a research report sent to investors on Tuesday morning.

A number of other research analysts have also issued reports on CVE. Scotiabank dropped their price target on shares of Cenovus Energy from $35.00 to $34.00 and set a “sector outperform” rating on the stock in a research note on Friday, July 12th. BMO Capital Markets dropped their target price on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research report on Friday, November 1st. Finally, TD Securities cut Cenovus Energy from a “strong-buy” rating to a “hold” rating in a report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Stock Performance

CVE traded down $0.18 on Tuesday, hitting $16.16. 473,419 shares of the company traded hands, compared to its average volume of 8,833,805. Cenovus Energy has a 12-month low of $14.69 and a 12-month high of $21.90. The company has a 50 day moving average of $16.98 and a 200-day moving average of $18.75. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $29.56 billion, a PE ratio of 11.27 and a beta of 2.05.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its earnings results on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.08. Cenovus Energy had a return on equity of 12.88% and a net margin of 6.72%. The business had revenue of $14.20 billion for the quarter, compared to analyst estimates of $10.25 billion. During the same quarter in the previous year, the company posted $0.72 earnings per share. The company’s revenue for the quarter was down 17.9% compared to the same quarter last year. Sell-side analysts anticipate that Cenovus Energy will post 1.63 earnings per share for the current year.

Cenovus Energy Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Shareholders of record on Friday, December 13th will be issued a $0.133 dividend. The ex-dividend date of this dividend is Friday, December 13th. This is a boost from Cenovus Energy’s previous quarterly dividend of $0.13. This represents a $0.53 dividend on an annualized basis and a yield of 3.29%. Cenovus Energy’s dividend payout ratio (DPR) is 36.55%.

Institutional Investors Weigh In On Cenovus Energy

Several institutional investors have recently modified their holdings of the company. First Trust Direct Indexing L.P. acquired a new position in shares of Cenovus Energy during the 1st quarter worth $215,000. Daiwa Securities Group Inc. purchased a new position in Cenovus Energy during the 1st quarter valued at about $356,000. Mediolanum International Funds Ltd acquired a new position in Cenovus Energy during the first quarter worth about $680,000. Signaturefd LLC lifted its holdings in shares of Cenovus Energy by 13.2% in the first quarter. Signaturefd LLC now owns 44,901 shares of the oil and gas company’s stock valued at $898,000 after purchasing an additional 5,233 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Cenovus Energy in the first quarter valued at about $205,000. Hedge funds and other institutional investors own 51.19% of the company’s stock.

Cenovus Energy Company Profile

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.