Cenovus Energy (NYSE:CVE) Hits New 12-Month Low – Here’s Why

Shares of Cenovus Energy Inc. (NYSE:CVE) (TSE:CVE) reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $14.60 and last traded at $14.69, with a volume of 731051 shares. The stock had previously closed at $14.86.

Analyst Upgrades and Downgrades

Several analysts have weighed in on CVE shares. StockNews.com cut Cenovus Energy from a “buy” rating to a “hold” rating in a research report on Tuesday. BMO Capital Markets reduced their price target on Cenovus Energy from $31.00 to $28.00 and set an “outperform” rating on the stock in a research note on Friday, November 1st. Finally, TD Securities lowered Cenovus Energy from a “strong-buy” rating to a “hold” rating in a research 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 company’s stock. According to data from MarketBeat.com, Cenovus Energy has a consensus rating of “Moderate Buy” and an average price target of $30.00.

Cenovus Energy Stock Performance

The business has a fifty day moving average price of $16.19 and a 200-day moving average price of $17.79. The stock has a market capitalization of $26.83 billion, a P/E ratio of 10.26 and a beta of 2.02. The company has a quick ratio of 0.95, a current ratio of 1.59 and a debt-to-equity ratio of 0.24.

Cenovus Energy (NYSE:CVE) (TSE:CVE) last released its quarterly earnings data on Thursday, October 31st. The oil and gas company reported $0.42 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.08. Cenovus Energy had a net margin of 6.72% and a return on equity of 12.88%. The firm had revenue of $14.20 billion during the quarter, compared to analysts’ expectations of $10.25 billion. During the same period in the previous year, the company earned $0.72 earnings per share. The firm’s quarterly revenue was down 17.9% on a year-over-year basis. On average, sell-side analysts expect that Cenovus Energy Inc. will post 1.48 EPS for the current year.

Cenovus Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be paid a $0.133 dividend. This represents a $0.53 annualized dividend and a dividend yield of 3.62%. 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. Cenovus Energy’s dividend payout ratio is 36.55%.

Institutional Trading of Cenovus Energy

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CVE. Truvestments Capital LLC bought a new stake in shares of Cenovus Energy during the 3rd quarter valued at $25,000. Blue Trust Inc. grew its holdings in Cenovus Energy by 640.3% during the third quarter. Blue Trust Inc. now owns 3,065 shares of the oil and gas company’s stock valued at $51,000 after purchasing an additional 2,651 shares during the period. Northwestern Mutual Wealth Management Co. increased its position in Cenovus Energy by 8.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 8,648 shares of the oil and gas company’s stock worth $170,000 after buying an additional 643 shares in the last quarter. SevenBridge Financial Group LLC purchased a new position in shares of Cenovus Energy during the 3rd quarter valued at about $162,000. Finally, Envestnet Portfolio Solutions Inc. grew its stake in shares of Cenovus Energy by 12.0% during the 2nd quarter. Envestnet Portfolio Solutions Inc. now owns 11,496 shares of the oil and gas company’s stock valued at $226,000 after acquiring an additional 1,229 shares during the period. 51.19% of the stock is owned by hedge funds and other institutional investors.

About Cenovus Energy

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.